Changes in Home Owner Tax Breaks

One of the best taxes breaks we have as Americans comes from home ownership. As of January 1, 2014, recent changes in legislation is going to change and/or remove some of the most common tax breaks that we have grown accustom to

According to a recent article release by Inman, some of the changes that have gone into affect are the lessing of tax breaks for mortgage insurance premiums and the exclusion from income of the amount of debt forgiven by home mortgage lenders in short sales and mortgage restructurings. Additionally, there are several restructuring of the 50 percent bonus depreciation and the extremely generous $500,000 annual limit for writing off business property in one year.

To read more of this article, click the links below:

http://www.inman.com/2013/12/16/time-to-say-goodbye-to-these-popular-tax-deductions-in-2014/?utm_source=20131216&utm_medium=email&utm_campaign=dailyheadlinesam

http://www.inman.com/2013/12/03/tax-breaks-real-estate-pros-and-their-clients-should-be-prepared-to-do-without-in-2014/

http://realtormag.realtor.org/daily-news/2014/01/02/tax-break-expires-for-distressed-borrowers?om_rid=AAJykL&om_mid=_BSxcVGB83eCo3e&om_ntype=RMODaily