Senate bill extends critical mortgage deductions!
With the holidays at hand and tax season ahead, mortgage deductions are no white elephants. We think your clients will thank you to learn about a recent Senate bill that extended critical mortgage deductions one year just in time for 2014 taxes.
- Low to moderate borrowers may deduct private mortgage insurance premiums or mortgage insurance premiums on FHA, Dept. of Veterans Affairs and Rural Housing Service guaranteed loans.
- Homeowners who were forced to bail by short sale in 2014 also benefit. Prior to 2007 an underwater homeowner whose mortgage was either canceled or forgiven by the lender was responsible to pay ordinary income tax on the forgiven amount. The Mortgage Forgiveness Debt Relief Act, that relieved the tax obligation, was also extended and made retroactive by the bill.
These are gifts that keep on giving, Senate willing. Please urge your clients to consult with accountants for details.
Feel free to personalize this information and direct it to your customers. If you have mortgage questions, call Mike at 1 (800) 239 1103 or email Mike@mycahomeloan.com.
