·
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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