NAR urges Congress to renew two major homeowner tax provisions

Last week, the National Association of REALTORS (NAR) wrote to Congressional leadership urging Congress to act on two critical tax provisions that are scheduled to expire at the end of 2016. The first provision ensures that any mortgage debt that is forgiven by a lender in connection with a principal residence will continue to be excluded from the taxable income of the borrower. The second provision would extend the tax deduction for mortgage insurance premiums paid by homeowners. Extending this deduction beyond 2016 will greatly benefit the large number of homeowners, particularly first-time homebuyers, who cannot afford a 20 percent or greater downpayment. Click here for the full story.