Important Real Estate Update for Property Owners: U.S. Senate Passes Mortgage Debt Forgiveness

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Recent developments in estate planning: Part 1. This article is the first of two parts of an annual update on developments in trust, estate, and gift taxation. Part 1 discusses developments affecting trusts and the generation-skipping transfer tax, as well as inflation adjustments.

Yesterday, the U.S. Senate approved a package of tax extensions recently passed by the House of Representatives that is now headed to the President’s desk for signature. This package includes provisions that will help distressed homeowners avoid being taxed on "phantom income".

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Video: Hartman Simons Partner Jeremy Cohen Discusses Retail from a Lawyer’s PerspectiveImportant Real Estate Update for Property Owners: U.S. Senate Passes Mortgage Debt Forgiveness Outlook for renewal of key tax benefits is improving – WASHINGTON – Here’s some good news for homeowners worried that Congress will fail again to renew.

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