The package of tax extensions approved by the U.S. House and Senate, and headed to the President's desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. The National Associations of REALTORS applauds Congressional leaders in both chambers for their effort to pass this legislation before adjournment.

NAR President Chris Polychron states, "REALTORS strongly supported the bipartisan Mortgage Forgiveness Tax Relief Act, which was included in the package to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender in a workout or after their home was sold for less money than was owed.

"The legisation also includes one-year extensions of the 15-year depreciation schedule for leasehold improvements and the deduction for improvements to energy efficient commercial buildings."