Finally, some good news out of Washington! House Passes One-Year Extension of Mortgage Debt Forgiveness Tax Relief
The House bill includes a one-year extension of several expired tax provisions that benefit REALTORS and their clients, including tax relief for mortgage debt forgiveness. The relief is effective retroactive to Jan. 1, 2014, but expires again in just a few weeks, on Dec. 31, 2014. Also included in the bill are one-year extensions of the 15-year depreciation schedule for leasehold improvements, the deduction of mortgage insurance premiums, and the deduction for energy efficient commercial buildings.