Regulations

Expired tax breaks for homeowners could be restored — retroactive to Jan. 1 — by this summer

Why Obama's appointment of Max Baucus to serve as ambassador to China is great news for real estate
Published on Feb 11, 2014

Though it’s not attracting much attention, the impending arrival of Sen. Ron Wyden, D-Ore., as head of the Senate Finance Committee could be good news for housing and real estate in the weeks ahead.That’s especially true if you care about mortgage forgiveness relief and other tax code provisions that help homeowners, buyers and sellers.Things are looking up.Wyden replaces Max Baucus, D-Mont., who is leaving to serve as the Obama administration’s new ambassador to China. Baucus spent much of the past two years developing comprehensive tax reform legislative proposals with severely negative impacts on real estate, including total elimination of tax-deferred exchanges and lower depreciation write-offs for investors. Now he’s gone.Baucus’ reform efforts were paralleled in the House by Ways and Means Committee Chairman Dave Camp, R-Mich., who is sitting on a closely guarded tax bill that is potentially so explosive -- it would reportedly kill or limit pretty much a...