The budget deal that’s expected to hit President Obama’s desk next week should avert another government shutdown, but doesn’t include the kind of spending cuts and tax increases that have been discussed as part of a long-term solution to bringing down the deficit. But now that an imminent crisis has been averted, lawmakers can now go back to kicking those cans down the road.

House Ways and Means Committee Chairman Dave Camp says he won’t reveal until next year the details of a comprehensive tax reform bill that’s expected to target “prized real estate deductions” for home mortgage interest, local property taxes and other write-offs, Washington Post columnist Ken Harney reports.

While delayed action on that front is sort of good news for homeownership advocates, Harney says, a tax reform bill in the Senate may get rid of 1031 exchanges near and dear to the hearts of real estate investors. Congress is also dilly-dallying on extending the mortgage debt forgiveness law, which shields homeowners from big tax bills when lenders forgive principal when approving short sales, foreclosures or loan modifications. Source: washingtonpost.com

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription
×