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.
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 more...
Committees
Amendments
This bill has no amendments.
Bill Status
| Introduced | ![]() | Voted on by House | ![]() | Voted on by Senate | ![]() | Considered By President | ![]() | Bill Becomes Law |
| September 07, 2007 |
In the News
October 02, 2007 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. ...
Blog Coverage
September 06, 2007 HR 3506, To amend the Internal Revenue Code of 1986 to exclude ...
HR 3506 would 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....
Source: WashingtonWatch.com - Welcome to WashingtonWatc...
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