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Senate passes tax bill that features major mortgage deductions

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Mortgage Professional America | 18 Dec 2014, 08:45 AM Agree 0
The U.S. Senate has approved a bill that includes deductions for mortgage insurance premium interest and tax relief on forgiven mortgage debt.
  • ricosuave | | 18 Dec 2014, 11:17 AM Agree 0
    What I don't understand is how capital gains up to 250k are tax exempt on your primary residence. Yet a short sale where there is no personal gain, people ar required to pay taxes on the banks loss without another act from congress.
  • Wm Matz | | 18 Dec 2014, 04:16 PM Agree 0
    The effect of the Relief act is not as broad as the article indicates. It offers little protection if the mortgage(s) were cash out refis. However, there are other exemptions that can offer more protection. Borrowers receiving the 1099's need to review their situation with a tax attorney who understands the mortgage system. CPAs are making a lot of mistakes on this, and the tax prep shops are near-worthless.
  • srichey | | 19 Dec 2014, 10:22 AM Agree 0
    Talk to an attorney that specializes in this sort of thing. 2 many gray areas when it comes to $$ and legislation.
  • | | 19 Dec 2014, 10:38 AM Agree 0
    If you borrow money and don't pay it back, it's taxable to you as ordinary income. That's why people who sold short or gave deeds in lieu, etc., were getting those 1099's. If I have capital gains, that's another matter entirely.
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