Summary of Real Estate Related Provisions in the“Fiscal Cliff” Bill
To everyone who is interested in Real Estate “fiscal cliff” updates.
The Mortgage Debt Forgiveness Act was extended through 2013.
This is good news for short sale sellers, who will continue to be an important market segment in 2013. Sellers whose lenders forgive mortgage principal in the sale process and who close in 2013 will not have to declare and pay federal income tax on the amount forgiven.
The mortgage insurance premium deduction was also extended through 2013.
This means that certain qualified borrowers who pay private mortgage insurance will be able to write off their payments on their federal tax returns.
More…..
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