The package of tax extensions just approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014.
Realtors® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed.
Happy New Year!