Fort Lauderdale Real Estate | US Tax Extenders Positive Impact
Nobody likes taxes. Simply saying the word can produce fear and loathing in the hearts of listeners. However, not everything tax-related is bad. When December rolls around each year, about 50 tax extenders enter the picture in Congress. For those who may not be aware, tax extenders are extensions of tax breaks. People looking to enter the housing market this year stand to benefit from several extenders passed in 2015. Congress and the Senate passed the $622 billion bill, and President Barack Obama is likely to give the extenders his signature.
One extender protects underwater homeowners from acquiring a hefty tax bill regarding phantom income connected to a workout or short sale. This is because it involves tax relief for mortgage debt forgiveness.
According to Tom Salomone, individual communities and the broader economy have grown stronger as a result of this specific tax relief since 2007. A distressed homeowner can now responsibly address their underwater mortgage. Salomone is president of the National Association of REALTORS®.
Salomone had more to add on the matter. “These tax extenders offer critical support for consumers, homeowners, commercial property investors and small businesses alike. A strong economy requires certainty, and this proposal gives a healthy dose of it to millions of American taxpayers.”
Tax years 2015 and 2016 are protected by the tax extenders deal.
What else is included in the bill? The permanent extension of a cost recovery period that spans 15 years and involves the devaluation of qualified leasehold improvements. This is more important than you think. It guarantees that a commonsense cost-recovery period will stay in place permanently for any improvements made to nonresidential commercial property.
Another provision worth noting renews special incentives that promote energy efficient multifamily and commercial buildings. Also included is the extension of an expired tax credit. It ranges between $1,000 and $2,000 for new Fort Lauderdale Real Estate that is energy efficient.
Changes to the Foreign Investment in Real Property Tax Act are also included in the bill. This will ease any restrictions in place for investing in commercial real estate. When it comes to Fort Lauderdale Real Estate, this is information you can’t ignore. To learn more about the tax extenders, click here: RISMedia
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