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Can anyone comment about what they know about a bill currently before congress called the Mortgage Forgiveness Debt Relief Act of 2007.
In this bill, which appears to have been recently passed by the House, and next goes to the Senate, there is a section amending the requirements that need to be met for a Cooperative to qualify as such.
In effect, it appears, this bill, if enacted into law, effectively ends 80/20 problems for many coops.
Can anyone comment on what they know about this?
Thanks.
What is your sense of whether this bill will become law and change IRS code?
If I read right, this is a deferral of tax by reduction of home basis. And so, the forgiveness of debt is re-categorized from being subject to income tax to being subject to capital gains tax.
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House Passage: 10/04/2007
Bill Passed 386 - 27 (Roll no. 948)
Senate Referred to Committee: 10/04/2007 : Finance
Link below provides a summary of the highlights. YOur 80/20 is there and what alternatives will be used for co-ops:
http://waysandmeans.house.gov/media/pdf/110/07%2009%2026%20Mortgage%20Summary.pdf - Quick summary.
http://thomas.loc.gov/cgi-bin/query/z?c110:hr3648:
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