Mortgage Cancellation Relief Act of 2007
To amend the Internal Revenue Code of 1986 to exclude from gross income of individual taxpayers discharges of indebtedness attributable to certain forgiven residential mortgage obligations.
Other Bill Titles (2 more) 4/17/2007--Introduced.
Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations.
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Amendments
This bill has no amendments.
Bill Status
| Introduced | ![]() | Voted on by House | ![]() | Voted on by Senate | ![]() | Considered By President | ![]() | Bill Becomes Law |
| April 17, 2007 |
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In the News
July 17, 2007 Tax Relief for "Phantom Income"
Prominent on their agenda was HR 1876, a bill that would provide tax relief for homeowners who have received "phantom income" as a result of forgiveness of ...
June 18, 2007 Get help when dealing with mortgage debt
Right now, a bill in the US House of Representatives entitled "The Mortgage Cancellation Tax Relief Act of 2007" (HR 1876) would amend the tax code to ...
April 18, 2007 NAR Commends Congress For Moving to Eliminate 'Phantom Tax' on ...
... and is encouraged by the actions taken today by the House of Representatives with the introduction of HR 1876, the Mortgage Cancellation Tax Relief Act. ...
Blog Coverage
September 05, 2008 Short Sale 101
Tip: The US House of Representatives has introduced the Mortgage Cancellation Tax Relief Act ( HR 1876 ), which would eliminate taxes on any debt forgiven on a principal residence through either short sale or foreclosure. ...
Source: Real Estate Listing
September 05, 2008 Short Sale 101
Tip: The US House of Representatives has introduced the Mortgage Cancellation Tax Relief Act ( HR 1876 ), which would eliminate taxes on any debt forgiven on a principal residence through either short sale or foreclosure. ...
Source: Real Estate Era
August 18, 2008 HR 1876 May Give Homeowners in Foreclosure A Much Needed Tax Break
Homeowners facing foreclosure in California have approximately 120 days from the Notice of Default (about 4 months) in order to resolve their outstanding mortgage debt. When a homeowner finds themselves in this situation, ...
Source: Real Estate Articles Directory










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