The House Ways and Means Committee approved H.R. 3648 this past Tuesday on a voice vote. The bill would exclude from taxable income mortgage debt discharge income.
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I have not had a chance to review the bill in detail. Over the next few days I will be reviewing the whole mortgage foreclosure mess, which has received lots of space in various tax and finance blogs lately, and will weigh in with my 2 cents on the issue.
I have not had a chance to review the bill in detail. Over the next few days I will be reviewing the whole mortgage foreclosure mess, which has received lots of space in various tax and finance blogs lately, and will weigh in with my 2 cents on the issue.
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In the meantime:
In the meantime:
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Ryan Ellis of TAX INFO BLOG provides a general overview of the provisions of the bill in “Rangel Introduces Second Home Tax”, and
Ryan Ellis of TAX INFO BLOG provides a general overview of the provisions of the bill in “Rangel Introduces Second Home Tax”, and
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Joe Kristan of ROTH AND COMPANY TAX UPDATE BLOG (Joe- the new look of the blog is great!) discusses the part of the bill that affects vacation or rental properties converted to a personal residence in his post “Proposals for Mortgage Forgiveness Would Hit Vacation Home Owners”.
Joe Kristan of ROTH AND COMPANY TAX UPDATE BLOG (Joe- the new look of the blog is great!) discusses the part of the bill that affects vacation or rental properties converted to a personal residence in his post “Proposals for Mortgage Forgiveness Would Hit Vacation Home Owners”.
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Be advised that this bill has only passed the House Ways and Means Committee, and is a long way from being actual law.
Be advised that this bill has only passed the House Ways and Means Committee, and is a long way from being actual law.
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