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Renewal of federal tax breaks for homeowners facing bumpy road

Renewal of federal tax breaks for homeowners facing bumpy road

WASHINGTON — Renewal of important expired federal tax benefits for homeowners took a major step forward recently, but the route to final congressional approval is beginning to look longer — and potentially bumpier — than previously expected. Here's why. The Senate Finance Committee overwhelmingly approved a package of tax code goodies that includes a two-year reauthorization of the Mortgage Forgiveness Debt Relief Act, plus similar extensions for deductions of mortgage insurance premiums and energy-saving improvements to homes. Mortgage debt relief is crucial for thousands of underwater owners who receive cancellation of a portion of their principal balances from...

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