The real estate side of fiscal cliff
There are several key provisions within the recent “fiscal cliff” deal that we all need to keep in mind as property owners. Let’s take a quick look.
• Mortgage Cancellation Relief Act. This had been high on the horizon for real estate professionals as the Dec. 31, 2012, deadline of this act loomed. In short, the amount of debt being cancelled by a lender when a property owner “sold short” would have been considered taxable income without this act. The deadline has now been extended to Jan. 1, 2014. That is great news for a lot of Americans whose properties are still worth less than they owe.
• Deduction for mortgage insurance premiums. The deadline on this provision was extended through 2013 for tax filers earning below $110,000.
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