Items Tagged with 'Internal Revenue Service'

ARTICLES

  • Opportunity Zones have investors excited. So why aren't more buying in?

    As the Treasury works on a second round of guidelines to ease investor concerns, HUD asks interested parties to weigh in
    When it comes to Opportunity Zones, investors are excited about the potential for tremendous tax savings, but many are not buying in just yet. What's the problem? Lingering questions about how, exactly, Opportunity Zones work. While HUD estimates the program could spur as much as $100 billion a year in investments, evidence suggests this potential is far from being realized. As interested parties await clarification from the Treasury, HUD is seeking public input as to how it can leverage its authority to encourage uptake and maximize the impact for distressed communities.
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  • IRS to resume income verification for mortgage applicants amid shutdown

    Responds to trade group pressure to make tax transcripts available to lenders
    The Internal Revenue Service will resume processing lender requests for tax transcripts to verify income for mortgage applicants despite the government shutdown. On Monday, the IRS announced it will begin working through the backlog of requests that have piled up since December 22 and that the employees involved will return to work.
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  • Real estate agent sentenced to 6+ years for wire fraud, money laundering

    Robert Jacobsen sold homes with unpaid mortgages on them to unsuspecting buyers
    A California real estate agent who sold homes with unpaid mortgages on them to unsuspecting homebuyers was recently sentenced to more than six years in prison and three years of supervised release after pleading guilty to one count of wire fraud and one count of money laundering.  
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  • IRS: Interest paid on home equity loans is still deductible under new tax plan

    But not in every case
    The country’s new tax laws, ushered in by President Donald Trump and his Republican counterparts late last year, will bring many changes to the mortgage industry. Namely, the plan reduces the available mortgage interest deduction from $1 million to $750,000. But what’s the impact of the tax plan on home equity loans, home equity lines of credit, and second mortgages? The IRS has answers.
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  • MBA bankrolling IRS $10,000 challenge to 'reimagine' taxpayer experience

    IRS launches crowdsourced competition; changes could ease income verification
    The Internal Revenue Service is launching its first crowdsourced challenge, offering big money to anyone who can come up with the best idea to "reimagine the taxpayer experience of the future." But the money is not coming from the IRS itself. Rather, the funding for the IRS' challenge is coming from an interesting source – the Mortgage Bankers Association.
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