Home owners, one thing to thank Congress for!
Mortgage Debt Tax Relief Extended
Below is the synopsis which I copied from Guild Mortgage lender Annette Hunt:
Last week's deal to avert the fiscal cliff left housing a winner on most
issues.
First, they extended mortgage forgiveness debt relief through 2013. If
they hadn't done this, principal balances written off by lenders to help
homeowners with underwater mortgages would have been treated as ordinary
taxable income.
The bill also re-established the deduction for mortgage
insurance premiums for 2012 and 2013 for people with adjusted gross income
below $110,000.
In addition, the compromise offers tax credits to homeowners making
energy-efficient home improvements in 2012 and 2013. Builders get a tax credit
on new homes constructed in 2012 and 2013 that meet federal energy standards.
U.S. manufacturers of energy efficient appliances also earn tax credits.
Best
of all, tax deductions for mortgage interest and property taxes were left
untouched, but that battle isn't over, since the politicians will soon
be reforming the tax code.
Always consult a tax professional for
definitive answers on all these issues.
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