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Strategies & Market Trends : Anthony@Pacific & TRUTHSEEKER Expose Crims & Scammers!!!
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From: ravenseye9/27/2007 1:38:37 PM
   of 5673
 
House Panel Passes Tax Rise on Vacation-Home
Sales (Update1)
By Ryan J. Donmoyer
Sept. 26 (Bloomberg) -- The House Ways and
Means Committee, seeking revenue to help
homeowners in foreclosure, unanimously approved
higher taxes on the sale of vacation homes.
The panel adopted a Democrat-drafted provision
that would make it harder for people who sell
their second homes to exclude as much as
$500,000 in profit from capital-gains taxes....
bloomberg.com
...The proposal adopted today would let only
a portion of the profit on a vacation home be
excluded from tax, depending on how long the
property has been owned rather than lived in.

Sliding Scale

For example, if a married couple owned a
vacation home for eight years, then lived in it
for two years before selling, only 20 percent
of their profit would be eligible for the
capital- gains exclusion.

The Realtor group applauded the broader
legislation, which would spare homeowners who
have their mortgages forgiven from a surprise
tax bill from the Internal Revenue Service;
U.S. law generally taxes the value of forgiven
debt as high as 35 percent. The legislation
would be effective retroactive to Jan. 1,
sparing many of those who lost their homes to
foreclosure this year from a surprise tax bill
if their mortgage was canceled.

More than 2 million Americans are likely to
lose their homes as low introductory interest
rates on mortgages are reset to higher levels
and borrowers struggle to make payments...
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