On July 10, 2013, The National Association of REALTORS® (NAR)
launched a Call for Action (CFA) in response to the Senate Finance Committee’s
plan to use a “blank state approach” for tax reform legislation. A “blank
slate” means that as a starting point, all tax expenditures (including tax
deductions such as the mortgage interest deduction, tax exemptions such as the
capital gains exemption on the sale of a primary residence, and tax credits
such as energy efficiency tax credits) will be removed from the tax code. Senators have until July 26th to request tax expenditures
are added to the reform legislation. NAR's Call for Action is emphasizing the
need for any tax legislation to do no harm to the economy by retaining the
deductions for mortgage interest and property taxes, the capital gains
exclusion on proceeds from the sale of a principal residence, and extension of
mortgage cancellation relief. Also emphasized are depreciation rules and the
continued tax-deferred treatment of 1031 exchanges.
Readers are encouraged to
reach out to their U.S. Senators to make sure that real estate tax provisions
are maintained in any rewrite of the tax code
Author:Michael Bray Phone: 915-549-1770 Dated: July 18th 2013 Views: 7,184 About Michael: ...
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