Mortgage Forgiveness Debt Relief Act Clears Important Hurdle

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The National Association of Realtors (NAR) announced today that the United States Senate Finance Committee (USSFC) agreed to a new bill that, if passed by the House of Representatives, and U.S. Senate, would extend key provisions from the Mortgage Forgiveness Debt Relief Act:

  • 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.
  • Source: NAR