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NAR Wins Pro-Real Estate Provisions in Budget Deal Print

The federal budget deal signed by President Trump on February 9th contains a number of wins for real estate, backed by the National Association of REALTORS®:

  • National Flood Insurance Program extended until March 23rd, to give lawmakers time to work on longer term reauthorization. Adds $27 billion in mitigation funds to address issues arising from last year's hurricanes.
  • Mortgage Debt Forgiveness retroactively extended for 2017 tax year, to prevent homeowners who were forced to sell their home in 2017 through a short-sale or faced a foreclosure, from being taxed on the "phantom income" received when a lender cancelled their debt.
  • Deduction for Mortgage Insurance Premiums retroactively extended for 2017 tax year.
  • Energy Efficient Commercial Buildings Deduction retroactively extended for 2017 tax year for the cost, up to $1.80 per square foot, of energy-efficient commercial building property.