The House Committee on Ways and Means has unanimously approved a measure that would revise how the tax code treats mortgage debt forgiveness, as well as make the current temporary tax deduction for private mortgage insurance permanent. Under current law, debt forgiven following mortgage foreclosure or renegotiation is considered income for tax purposes, resulting in tax liability for individuals and families. H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007, will now head to the U.S. House of Representatives for consideration. “Families dealing with the pain of a foreclosure should not have the double whammy of a large tax bill for terminating their mortgage through no fault of their own,” said Ways and Means Committee Chairman Charles B. Rangel. “I am pleased the Committee joined together to unanimously pass this critical legislation and I look forward to bringing this measure before the full House.” Click here for a summary of the proposed legislation.
U.S. House Panel Passes Mortgage Tax Relief Measure
Most Popular Articles
Latest Articles
Selling your home to a family member in 5 easy steps
Selling your home to a family member can be beneficial but requires careful planning and transparent communication. Follow these five steps to ensure a smooth transaction, from agreeing on logistics and assembling a professional team to determining your home’s value and understanding tax implications.
-
FOA reverse stock split goes into effect, appears to have intended impact
-
Senate Aging Committee leaders introduce bill on aging in place
-
HousingWire Pulse: Respondents show cautious optimism about the Q3 housing market
-
US Senate committee approves full funding for Ginnie Mae
-
Connecticut Senator asks HUD for answers on backlog of discrimination complaints