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December 20, 2007
President Bush Signs Two Tax Bills Into Law
- H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007 (blogged here and here)
- H.R. 4118, the Prevent Taxation of Payments to Virginia Tech Victims and Families Act (blogged here)
December 20, 2007 in News | Permalink
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Comments
So, all the "cash out refi" and "HELOC" deadbeats can take the money they borrowed as tax-free income, eh? Nice for them! I suppose that mortgage lenders' losses are still deductible as well? Why does this seem grossly unfair? Perhaps because it is grossly unfair?
Posted by: Mark Seecof | Dec 20, 2007 7:07:31 PM
Of course it's grossly unfair. To paraphrase Justice Souter, nowhere is it written that taxes must be either fair or reasonable.
Posted by: Steve Odem | Dec 22, 2007 6:46:59 AM
Are you sure that the lender will still be able to take the loss. I Need to know how to advise bankruptcy clients. If the lender is not allowed to take the loss they will start going after homeowners. It is hard to understand how this was not referenced anywhere. The I.R.S. has no idea. I would appreciate your thoughts.
Posted by: Jamie Ryke | Dec 26, 2007 11:30:16 AM
