SWAPO CW - Reforming the IRS Tax Code - property owners Arlington Mansfield Kennedale, TX...

This Is An Important Call for Action ... take one minute to protect your mortgage / property deductions, etc.

U.S. senators are reforming the tax code ... and everything is on the table, including the mortgage-interest deduction, property-tax deduction, capital-gains exemptions on the sale of principle residences, and more.

I urge all citizens to contact their US Senator to preserve these benefits of home ownership. I understand the effort to overhaul the federal tax code is starting in the Senate Finance Committee and that they are starting with a blank check in considering eliminating all deductions. I also understand that they are requesting input from America’s 75 million homeowners and other Americans. As a responsible home owner I will be a voice for preserving all the mortgage interest deductions property tax deductions and capital gains exemptions as they are now. Now is the time for all responsible home owners to voice their support for these deductions to their US Senator.

As a Realtor I believe our Real Estate Markets are finally on the road to recovery. The surest way to halt any economic recovery is to eliminate any of these long-standing and widely used tax provisions.

How do I take action now to support the current tax provisions?

1) Find your US Seantor’s web page by zip: Zip Code Lookup

2) Go to their web page … and express your support
 a) Ted Cruz
 b) John Cornyn

Theme / idea to keep: The current tax system contains many provisions that encourage real estate ownership and investment. Each provision deserves careful consideration in any tax reform effort. The first rule in tax reform should be "Do No Harm."

Issues: Please cut and paste this message to your US Senator: (or use your own words)

At the very least, I urge you to maintain, 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.

Please take action now and send your US Senator an email!

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