On April 3 the Senate Finance Committee agreed to a bipartisan bill to reinstate close to 50 tax provisions that expired at the end of 2013. Among the real estate provisions included in the “extenders” package are tax relief for mortgage debt forgiveness, 15-year cost recovery for qualified leasehold improvements, election to expense certain qualified real property, and deduction for energy efficient commercial buildings. All of these provisions are retroactively extended to cover a period from January 1, 2014 to December 31, 2015.
NAR has been working to pass an extension since the end of 2013. Now that the bill has cleared the Finance Committee, NAR will continue to support the tax “extenders” package as it moves to the Senate floor for what we hope will be a rapid consideration. We are also working with the House of Representatives to take action on these important provisions that will help millions of Americans.
A full issue brief can be found here: http://www.realtor.org/sites/default/files/handouts-and-brochures/2014/2014-nar-issue-brief-mortgage-debt-cancellation-tax-relief-040314.pdf