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Tuesday, February 19, 2013

REALTORS Working Hard For Everyday People


·         Mortgage cancellation relief is extended for another year. Households that have mortgage debt forgiven by a lender in 2013 as a result of a modification, short sale, or foreclosure will not have to pay tax on the amount forgiven.

·         Mortgage insurance premiums ­remain deductible. Tax filers making less than $110,000 who pay for mortgage insurance can deduct the cost of their premiums on their 2012 and 2013 tax returns.

·         15-year straight-line cost recovery on leasehold improvements is extended. For qualified leasehold improvements on commercial properties, 15-year depreciation is extended through 2013 and made retroactive to cover 2012.

·         Energy efficiency tax credit remains in force. The 10 percent tax credit, up to $500, for home owners who make energy efficiency improvements to an existing home is extended through 2013 and made retroactive to cover 2012.

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