On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill will be signed shortly by President Barack Obama. Below is a summary of real estate related provisions in the bill:

Real Estate Tax Extenders

Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014

Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012

Leasehold Improvements: 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012

Energy Efficiency Tax Credit: 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012