Lawmakers in Congress are looking ahead to tax-related ideas that encourage more affordable housing, capitalizing on momentum from a sweeping housing package that cleared the Senate Monday.
Sen. Ron Wyden (D-Ore.), ranking member of the Senate Finance Committee, is pushing legislation that would create an advanceable down payment tax credit for first-time homebuyers. The proposal would also allow low- and middle-income earners who sell their homes at a loss to claim up to $100,000 in a tax deduction for the amount they lose on a sale.
“There’s the focus on that first-time homebuyer and using the tax system as a ...
