Tax breaks real estate pros and their clients should be prepared to do without in 2014
Dozens of tax laws are set to expire at the end of 2013. Many of these provisions are quite popular and likely will be extended by Congress. Exactly when or how lawmakers will get around to doing this is unclear.
The situation is complicated by the fact that both the White House and Congress want to enact serious tax reform in 2014. Key members of Congress and the Obama administration have proposed that extending or making permanent some of these expiring provisions be made part of the overall tax reform process instead of being done piecemeal though special tax extension legislation.
The expiring provisions of most importance to the real estate industry include:
• Mortgage insurance premiums deduction
• Discharge of indebtedness on principal residence exclusion
• Tax credit for qualified energy efficiency improvements to principal residence
Make sure to check with your Tax Professional, and remember next election cycle!
By the way, if you are ever looking for a Professional on the North Fork of Long Island keep me in mind.
Full time Service, professional representation.
Check out my Corporate Web Site: www.elliman.com/egiordano
Check out my Blog: www: http://northfork.patch.com/blogs/north-fork-realtor
Telephone: 631 298 6131
And a Happy Holidays to you and yours also!!