Sandy Flores broker

SANDY FLORES BROKER

Award Winning Realtor

International Real Estate
  Contributor @TELEVISAUNIVISION               KMEX 34  Los Angeles,              El Gordo y La Flaca, Santa Ana College               

Award Winning Realtor *   International Real Estate
Contributor @TELEVISAUNIVISION KMEX 34
Los Angeles, El Gordo y La Flaca, Santa Ana College

Real Estate winnings included in the approved government spending bill after the House passed a federal spending package for fiscal year 2020 that includes several high-priority items for REALTORS® and Homeowners:

1. A reauthorization of the National Flood Insurance Program through Sept. 30;
2. An extension of several tax provisions important to real estate markets, such as mortgage debt forgiveness;
3. A seven-year reauthorization of the Terrorism Risk Insurance Program, a particularly significant victory for commercial real estate practitioners.

Extension of Important Tax Incentives

Included in the spending package are temporary extensions of three tax provisions directly impacting the real estate industry:

1. The exclusion of forgiven mortgage debt from gross income, meaning that owners of primary residences who sold them short and had part of their mortgage debt written off will not have to pay tax on the amount forgiven.
2. The deductibility of premiums for mortgage insurance.
3. The deduction of the cost of improvements to commercial buildings that make them energy efficient.
These provisions had all expired at the end of 2017. This agreement extends them, retroactive to the beginning of 2018 and through the end of 2020.

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