19 Dec Real Estate Industry Applauds Legislation Approval: Housing Tax Provisions Extended
Posted at 09:38h
in Market Updates
Distressed homeowners and commercial property investors with transactions in 2014 will enjoy two more weeks of tax breaks following the approval of legislation by Congress late Tuesday.
The National Association of REALTORS lauds the passage of these tax extensions, which will continue to prevent tax liability for underwater borrowers on any mortgage debt either cancelled or forgiven by a lender. The legislation will also benefit commercial property investors, who will see a one-year extension of 15-year deprecation schedule set for energy-efficient upgrade deductions and leasehold improvements.
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