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CHICAGO – Cook County Assessor Fritz Kaegi announced today that his office has extended the deadline for the Senior Citizen and Senior Freeze Exemption applications for Tax Year 2018. The original deadline date was February 6th and the deadline has been extended to Friday, February 15th, 2019.
Continue Reading …Mortgage Debt Forgiveness
This provision will prevent homeowners who were forced to sell their home through a short-sale last year, or who faced a foreclosure, from being taxed on the “phantom income” they received when a lender canceled their debt.
Deduction for Mortgage Insurance Premiums
This provision will allow approximately four million homeowners to deduct the mortgage insurance premiums they paid as part of their mortgage. NAR estimates that roughly two million homebuyers annually purchase a home that is subject to mortgage insurance. This provision helps make homeownership more affordable for the first time and entry-level homeowners.
Energy efficient commercial buildings deduction
This provision extends the deduction for the cost, up to $1.80 per square foot, of energy-efficient commercial building property. Increasing the energy efficiency of commercial buildings not only helps the environment, it saves building owners and tenants money that they can use to grow their businesses and the economy. Continue Reading …