Our take: this will help to many property owners/former property owners and should/could help stimulate the real estate economy. The home owners and/or the commercial property owners were caught short like the rest of the world by the real estate meltdown, therefore should not be penalized by the mismanagement of the powers to be—bankers and legislators alike. The passage of this act is in its own way is saying, ”you should not be hurt by our mistakes!!”
Mortgage Forgiveness Tax Relief Act Passed
National Association of Realtors® President Chris Polychron has issued the following statement on key legislation passed by Congress:
“The package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. NAR applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.
“Realtors® strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed. We are grateful to Sens. Debbie Stabenow, D-Mich., and Dean Heller, R-Nev., and Reps. Tom Reed, R-N.Y., and Charlie Rangel, D-N.Y., for championing the provision.
“The legislation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings.”
#realestate #sellerfinance #ownerfinance #ownercarry #sellerfinancing #PHXsellercarry #sellerfinancingPHX #AZsellerfinancing #sellerfinancingAZ #capstonecapitalusa #easilysell.com #ownercarried #performingnotes #nonperformingnotes #notepro #Phoenixnotepro #webuynotes #webrokernotes #realestatenotes #webuymortgages #Phxrealestate #webuyhouses #Phxdistressedproperty #realestatehelp #sellerfinancinghelp