Obama Signs H.R. 8 into Law – Mortgage Debt Relief Extended

Obama Signs H.R. 8 into Law – Mortgage Debt Relief Extended

On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012 (H.R. 8)


NAR has released a summary
of the Real Estate related provisions in the Bill.

Real estate related provisions within the bill include:

Mortgage Cancellation Relief – extended for one year to January 1, 2014

Deduction for Mortgage Insurance Premiums – for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012.

Leasehold Improvements – 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012.

Energy Efficiency Tax Credit – The 10% tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012.

Click here to read the full summary, which also includes a summary of tax, and capital gains provisions.

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