“EXTENDERS” IN LIMBO

As Congress contemplates its usual August hiatus, taxpayers wonder what fate will befall late 2014 “extender” provisions of the law which won’t apply to 2015 unless action is taken. Among the more important provisions whose 2015 fate is still unlearned are:

~Deduction for state and local sales taxes
~Deduction for mortgage insurance premiums treated as qualified interest
~Exclusion from gross income of up to $2 million of discharged principal residence indebtedness
~Deduction of up to $500,000 in cost of certain otherwise depreciable business property, and applicability of 50% “bonus depreciation”
~Tax free distributions for charitable purposes from IRAs of taxpayers age 70-1/2 or older