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Mortgage Forgiveness Debt Relief Act Of 2007
The Mortgage Forgiveness Debt Relief Act of 2007 was introduced in the United States Congress on September 25, 2007, and signed into law by President George W. Bush on December 20, 2007. This act offers relief to homeowners who would have owed taxes on forgiven mortgage debt after facing foreclosure. The act extends such relief for three years, applying to debts discharged in calendar years 2007 through 2009. With the Emergency Economic Stabilization Act of 2008, this tax relief was extended another three years, covering debts discharged through calendar year 2012. The relief was further extended until January 1, 2014, at Section 202 of the American Taxpayer Relief Act of 2012. This tax relief has been renewed each year since. The Bipartisan Budget Act of 2018 renewed it for all of the tax year 2017 and offered a wide range of individual and business tax benefits that had expired at the end of 2016, including the "exclusion from gross income of discharge of qualified principal re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Congress
The United States Congress is the legislature, legislative branch of the federal government of the United States. It is a Bicameralism, bicameral legislature, including a Lower house, lower body, the United States House of Representatives, U.S. House of Representatives, and an Upper house, upper body, the United States Senate, U.S. Senate. They both meet in the United States Capitol in Washington, D.C. Members of Congress are chosen through direct election, though vacancies in the Senate may be filled by a Governor (United States), governor's appointment. Congress has a total of 535 voting members, a figure which includes 100 United States senators, senators and 435 List of current members of the United States House of Representatives, representatives; the House of Representatives has 6 additional Non-voting members of the United States House of Representatives, non-voting members. The vice president of the United States, as President of the Senate, has a vote in the Senate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Primary Residence
A person's primary residence, or main residence is the dwelling where they usually live, typically a house or an apartment. A person can only have one ''primary'' residence at any given time, though they may share the residence with other people. A primary residence is considered to be a legal residence for the purpose of income tax and/or acquiring a mortgage. Criteria for a primary residence consist mostly of guidelines rather than hard rules, and residential status is often determined on a case-by-case basis. Use in urban planning The primary residence is the main dwelling unit on a parcel of land. This term distinguishes this unit from a potential secondary suite. Definition in specific jurisdictions United Kingdom If taxpayers own a property but never lived in it, it cannot be considered their main residence even if it is the only property they own. Furthermore, the court would ask itself, in order to determine whether the property is their main residence, whether a reasona ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has Default (finance), stopped making payments to the lender by forcing the sale of the asset used as the Collateral (finance), collateral for the loan. Formally, a Mortgage law#Mortgage lender, mortgage lender (mortgagee), or other lienholder, obtains a termination of a Mortgage law#Borrower, mortgage borrower (mortgagor)'s Equity of redemption, equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure). Usually, a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower default (finance), defaults and the lender tries to Repossession, repossess the property, courts of equity can grant the borrower the Equity of redemption, equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Acts Of The 110th United States Congress
The 110th United States Congress enacted the following laws: Summary of actions President George W. Bush vetoed the following acts of this Congress. (List of United States presidential vetoes#George W. Bush). # May 1, 2007: Vetoed , U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007. Override attempt failed in House, 222–203. A later version of the bill that excluded certain aspects of the initial legislation that the president disapproved of H.R. 2206, was enacted as Pub.L. 110–28 with the president's approval. # June 20, 2007: Vetoed , Stem Cell Research Enhancement Act of 2007. No override attempt made. # October 3, 2007: Vetoed , Children's Health Insurance Program Reauthorization Act of 2007 ("SCHIP"). Override attempt failed in House, 273–156. # November 2, 2007: Vetoed , Water Resources Development Act of 2007. Overridden by House, 361–54. Overridden by Senate, 79–14 (62 needed), and enacted as Pub.L. 110–1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Legislation
A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any purpose while putting a lien on the property being mortgaged. The loan is " secured" on the borrower's property through a process known as mortgage origination. This means that a legal mechanism is put into place which allows the lender to take possession and sell the secured property ("foreclosure" or "repossession") to pay off the loan in the event the borrower defaults on the loan or otherwise fails to abide by its terms. The word ''mortgage'' is derived from a Law French term used in Britain in the Middle Ages meaning "death pledge" and refers to the pledge ending (dying) when either the obligation is fulfilled or the property is taken through foreclosure. A mortgage can also be described as "a borrower giving consideration in the form of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mortgage Industry Of The United States
The mortgage industry of the United States is a major financial sector. The federal government created several programs, or government sponsored entities, to foster mortgage lending, construction and encourage home ownership. These programs include the Government National Mortgage Association (known as Ginnie Mae), the Federal National Mortgage Association (known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as Freddie Mac). The subprime mortgage crisis was one of the first indication of the 2008 financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backing said mortgages. The earlier savings and loan crisis of the 1980s and 1990s and the national mortgage crisis of the 1930s also arose primarily from unsound mortgage lending. The mortgage crisis has led to a rise in foreclosures, leading to the 2010 United States foreclosure crisis. Mortgage lenders Mortgage lending ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Advisor
A tax advisor or tax consultant is a person with advanced training and knowledge of tax law. The services of a tax advisor are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations. Tax Advisors are also retained to represent clients before tax authorities and tax courts to resolve tax issues. Money Austria In Austria, Steuerberater is the professional license for tax advisors. Germany In Germany, Steuerberater is the professional license for tax advisors. Moreover, attorneys-at-law (Rechtsanwälte) and Certified Public Accountants (Wirtschaftsprüfer) are allowed by law the practise tax law in Germany. All three aforementioned professions have unlimited representation rights, including representing clients in front of German tax courts (Finanzgerichte). Italy In Italy, tax advisors are called ''commercialisti'', and provide assistance in business management, business law, economics, finance, tax, accounting, com ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Out Refinancing
Cash out refinancing (in the case of real property) occurs when a loan is taken out on property already owned in an amount above the cost of transaction, payoff of existing liens, and related expenses. Strictly speaking, all refinancing of debt is "cash-out," when funds retrieved are utilized for anything other than repaying an existing loan. In the common usage of the term, cash out refinancing occurs when equity is liquidated from a property above and beyond sum of the payoff of existing loans held in lien on the property. This is often done when the value of the property has increased allowing the mortgagor to increase their mortgage taking cash out to spend on other things. Etymology The compound noun "refinancing" is composed of the Latin prefix "re" (''back'', ''again'' but also ''against'', ''against'') and the word stem "financing" (Latin ''financia'', "''payment''") and is a deverbal derivative. Money creation by commercial banks When granting loans or purchasing assets ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cancellation-of-debt Income
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income. According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. There are exceptions to this rule, however, so a careful examination of one's COD income is important to determine any potential tax consequences. Billions of dollars of cancelled debts will generate many unexpected tax bills, due to debt cancellations that financial institutions have started accelerating in 2012. Policy reasons behind COD income Accession to wealth The standard definition of income is found in a United States Supreme Court case entitled '' Commissioner v. Glenshaw Glass Co.'' The Court defined income as 1) accession to wealth; 2) that is clearly realized; and 3) over which the taxpayer has complete dominion. Prior to this decision, the Court had already determined that the cancellation of debt was "a fr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George W
George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd president of the United States from 2001 to 2009. A member of the Bush family and the Republican Party (United States), Republican Party, he is the eldest son of the 41st president, George H. W. Bush, and was the 46th governor of Texas from 1995 to 2000. Bush flew warplanes in the Texas Air National Guard in his twenties. After graduating from Harvard Business School in 1975, he worked in the oil industry. He later co-owned the Major League Baseball team Texas Rangers (baseball), Texas Rangers before being elected governor of Texas 1994 Texas gubernatorial election, in 1994. Governorship of George W. Bush, As governor, Bush successfully sponsored legislation for tort reform, increased education funding, set higher standards for schools, and reformed the criminal justice system. He also helped make Texas the Wind power in Texas, leading producer of wind-generated electricity in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Revenue Service
The Internal Revenue Service (IRS) is the revenue service for the Federal government of the United States, United States federal government, which is responsible for collecting Taxation in the United States, U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is an agency of the United States Department of the Treasury, Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act. The IRS originates from the Commissioner of Internal Revenue, a federal office created in 1862 to assess the nation's first income tax to fund the American Civil War. The temporary measure funded over a fifth of the Union's war expens ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bipartisan Budget Act Of 2018
The Bipartisan Budget Act of 2018 is a federal statute concerning spending and the budget in the United States, that was signed into law by President Donald Trump on February 9, 2018. Delays in the passage of the bill caused a nine-hour funding gap. The bill is the third in a series that increased spending caps originally imposed by the Budget Control Act of 2011; the first two were the Bipartisan Budget Act of 2013 and the Bipartisan Budget Act of 2015. Provisions The bill combined several provisions, including: * It included a continuing resolution (with short title Further Extension of Continuing Appropriations Act, 2018) lasting until March 23, 2018. * Spending caps imposed by the Budget Control Act of 2011 were increased for both defense and nondefense spending, although defense spending was increased more. The defense discretionary funding cap was increased by $80 billion in FY2018 and $85 billion in FY 2019, while the non-defense domestic discretionary spending c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
