Tax breaks for homeowners and home sellers

Earlier this month, The Washington Post published a helpful column about several tax breaks home owners and sellers should know about.

Benny L. Kass, a Washington-based attorney, notes the reprieve these critical tax breaks received at the first of this year when Congress enacted the "fiscal cliff" legislation:

Home mortgage interest remains deductible, and the exclusion of gain up to $500,000 from the sale of a principal home is very much alive, even though many influential organizations, including the Simpson-Bowles deficit commission, strongly recommended limiting (or even eliminating) those two sacred tax breaks.

Kass then gives detailed yet understandable explanations of the tax ins and outs.