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H.R.3506

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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...

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IntroducedresultVoted on by HouseresultVoted on by SenateresultConsidered By PresidentresultBill Becomes Law
September 07, 2007

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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. ...

Source: Canton Repository (subscription), OH
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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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