Rep. Brownley Introduces Legislative Package to Protect Homeowners
Targeted News Service (Press Releases)
WASHINGTON,
Congresswoman
Julia Brownley (D-CA) announced the introduction of legislation to make homeownership more affordable for working families and to restore the deduction for property and casualty losses for property owners who lose their home in a disaster. The COVID-19 pandemic has created economic chaos for millions of American families, said Congresswoman
Julia Brownley. As our nation struggles to recover from the pandemic, we must take action to ensure a new foreclosure crisis does not take hold. Tax policy plays an important role in helping Americans achieve the dream of homeownership and keeping homeownership affordable.
5 Tax Breaks Extended for 2021 If Not Longer
Recent legislation means you might be able to claim these federal income tax breaks into next year.
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Federal budget legislation enacted in late December did a lot more than fund the government for another year.
It also includes the Taxpayer Certainty and Disaster Relief Act of 2020, a law that extended numerous tax breaks that otherwise would have expired. That means these breaks are available for not just your 2020 federal tax return that’s due in April but also the one after that if not longer.
So, with the tax filing season set to officially get underway on Feb. 12, let’s take a look at some of the breaks for individuals that the recent tax law has revived.
What s Next For 6 Million Underwater Homeowners?
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The housing bubble from several years ago put a significant number of homeowners in a terrible position. Due to plummeting real estate prices, the market value of their homes fell below the corresponding mortgage amounts, thus classifying these homes as underwater.”
The government established relief programs to help underwater homeowners refinance their mortgages (such as the HARP program), and provided tax relief through the Mortgage Forgiveness Debt Relief Act of 2015. This legislation waived taxes on reductions of debt through refinancing, or forgiveness of debt incurred from a short sale or foreclosure of your house.