Just as we have finished Thanksgiving and are now going into the Holiday season….here comes the U.S. Congress…..Bah Humbug.
Republicans in the House and Senate are suggesting that they may not extend homeownership tax savings such as:
- Mortgage debt forgiveness for many troubled owners
- Mortgage insurance write offs for first time home buyers
- Deductions for purchases of energy efficient windows, insulation, etc.
These are tax saving deductions that are helping many owners that are either under water or with moderate incomes and could really use the deductions. The outlook is grim for this holiday season for these cost savings for many homeowners. So my fellow REALTORS, keep your fingers crossed as miracles do happen. Even one out of three extensions can help homeowners, but don’t hold your breath.
Until next week, let’s be good to each other…it is the holiday season!