Great news! Congress has (finally) passed a package of tax extensions approved by the U.S. House and Senate — currently headed to the President’s desk for signature — which includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. See original article here.
The law will be extended through 2015.
Why is this so important?
Imagine losing a life savings in an underwater property. Then, you sell it and/or have it foreclosed and get hit with a large tax bill from Uncle Sam. If this doesn’t sound fair, that’s because it isn’t. We applaud Congress for finally extending this law.