U.S. Congress - H.R.3506 Foreclosure Tax Relief Act of 2007
H.R.3506 - Foreclosure Tax Relief Act of 2007
To amend the Internal Revenue Code of 1986 to exclude from gross income certain amounts of cancellation of indebtedness income on account of a foreclosure on the mortgage secured by the principal residence of the taxpayer. view all titles (2)
All Bill Titles
- Short: Foreclosure Tax Relief Act of 2007 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to exclude from gross income certain amounts of cancellation of indebtedness income on account of a foreclosure on the mortgage secured by the principal residence of the taxpayer. as introduced.
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Official Summary
9/7/2007--Introduced.Foreclosure Tax Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income up to $50,000 of the amount attributable to a discharge of mortgage indebtedness or to a refinancing of a principal residence. Limits such tax exclusion to taxpayers withOfficial Summary
9/7/2007--Introduced.Foreclosure Tax Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income up to $50,000 of the amount attributable to a discharge of mortgage indebtedness or to a refinancing of a principal residence. Limits such tax exclusion to taxpayers with modified adjusted gross incomes of $100,000 or less ($200,000 in the case of a joint tax return).
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Recent News Coverage
Income isn't the issue
We wonder, however, about the income ceiling his HR 3506 would impose. Homeowners with income higher than $100000 would not be eligible. ...
Recent Blog Coverage
H.R.3506: Eliminate Privacy Notice Confusion Act - U.S. Congress ...
introduced HR 3506, the Eliminate Privacy Notice Confusion Act. The introduction of this proposed legislation marks a significant advancement, as passage of the bill would eliminate the pricey burden of mailing annual privacy notices ... Source: Move In Mo
Analysis of the Proposed Tax Exclusion for Canceled Mortgage Debt ...
Other legislation proposing similar relief has also been introduced (H.R. 1876, H.R. 3506, H.R. 3996, and S. 1394). The President has expressed support for the legislation generally, but has stated a preference for a temporary tax ...
analysis of the proposed tax exclusion for canceled mortgage debt ...
other legislation proposing similar relief has also been introduced (hr 1876, hr 3506, hr 3996, and s. 1394). the president has expressed support for the legislation generally, but has stated a preference for a temporary tax provision ...
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