Ask Congress to DO NO HARM by maintaining, and in some cases improve, the following provisions in any rewrite of the tax code: *The mortgage interest deduction should be preserved in its current form and the limits indexed for inflation. *The exclusion of capital gains on the sale of a principal residence should be preserved and the limits indexed for inflation. *The deduction for property taxes paid should be preserved. *The temporary exclusion of income from discharge of mortgage debt (mortgage cancellation) should be made permanent. *The depreciation periods of commercial and residential buildings should be shortened to reflect the true useful lives of these assets. The temporary provision allowing faster write-off for leasehold improvements should be made permanent. *Provisions that allow for the deferral of gain on the like-kind exchange of real property should be maintained.
Posted on: Tue, 23 Jul 2013 18:45:26 +0000
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