0
0
0

Homeowners Facing Thousands in Tax Bills if Spending Legislation Fails

by Alonzo Turner

Spending package offers prolonged mortgage debt relief but faces uphill battle.

congress-short-sale-tax-bill-mortgage-debt-relief

 

As is their recent tradition, Congress is continuing to squabble following the sweeping Republican victories in the midterm elections, and it may lead to thousands of Americans facing mammoth tax bills. What do they all have in common: They sold their homes in a short sale.

Currently working its way through Congress is a thick, layered $85 billion package of what its supporters call “tax extenders.” Wrapped up among the legislative minutiae is a bundle of tax breaks, such as the highly talked about mortgage debt forgiveness exemption, which currently provide relief from the financial turmoil that followed in the wake of the housing crisis.

If the package fails to pass, families, who when faced with foreclosure opted to instead sale their home in a short sale, will have to pay retroactive taxes on the forgive debt as if it were income. Those familiar with the bill say it is least wealthiest who stand to lose the most, including Nevada Senator Dean Heller (R) who told The Washington Times: “I just think it’s unfair and I think most would concur that it’s unfair that individuals would have to pay taxes on income that they never received.”

Short Sale Stats

Here are a few statistics from RealtyTrac on short sales in the U.S. to help put the forgiven debt into perspective:

  • Over 170,000 homes were sold from January through September of this year.
  • The homes sold amounted to $8.1 billion of mortgage debt relief.
  • The average short sale involved about $75,000 of forgiven mortgage debt.

NASCAR Might Mean the Difference

What’s holding back lawmaker, though, is not the threat of mortgage debt relief but rather a slew of costly appropriations aimed at satisfying special interest groups – the package habors nearly 50 special interest tax breaks. Among the most scoffed at measures are $12 million to combat depreciation in NASCAR race tracks and a hefty, $380 credit for, as The Times reported, “Hollywood movies.”

An obvious solution would be to splinter the package into individual tax breaks, allowing the bill’s opponents to scrub the more wasteful portions, but, thus far, lawmakers on both sides have been unwilling to move forward on any such split.

Experts say the bill is better off facing the Senate floor in the lame-duck session, but whether a deal can ultimately be struck is up in the air.

Read More Related to This Post

Comments

  • look here says:

    I simply want to mention I am just newbie to weblog and seriously liked you’re website. Likely I’m planning to bookmark your blog . You absolutely have incredible well written articles. Thanks for revealing your website page.

  • Hello there, You have done an excellent job. I’ll certainly digg it and personally suggest to my friends. I am sure they will be benefited from this website.

  • Howdy I am so excited I found your blog, I really found you by accident, while I was looking on Aol for something else, Anyways I am here now and would just like to say many thanks for a marvelous post and a all round entertaining blog (I also love the theme/design), I don’t have time to look over it all at the moment but I have saved it and also added your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the great job.|

  • hello there and thank you for your information – I’ve definitely picked up something new from right here. I did however expertise several technical issues using this website, as I experienced to reload the website lots of times previous to I could get it to load correctly. I had been wondering if your web hosting is OK? Not that I am complaining, but sluggish loading instances times will often affect your placement in google and can damage your high quality score if advertising and marketing with Adwords. Anyway I am adding this RSS to my e-mail and can look out for much more of your respective exciting content. Ensure that you update this again soon..

  • Hiya, I’m really glad I’ve found this info. Nowadays bloggers publish just about gossip and internet stuff and this is really annoying. A good site with interesting content, that is what I need. Thank you for making this site, and I will be visiting again. Do you do newsletters by email?

  • I would like to thank you for the efforts you have put in writing this blog. I am hoping the same high-grade web site post from you in the upcoming also. Actually your creative writing abilities has inspired me to get my own web site now. Really the blogging is spreading its wings rapidly. Your write up is a good example of it.

  • Hey there. I discovered your site via Google while searching for a related subject, your web site got here up. It seems good. I’ve bookmarked it in my google bookmarks to come back then.

  • forum judi says:

    Hiya, I am really glad I have found this information. Today bloggers publish just about gossip and net stuff and this is actually irritating. A good blog with exciting content, that is what I need. Thank you for making this website, and I’ll be visiting again. Do you do newsletters by email?

  • Awesome write-up. I’m a normal visitor of your web site and appreciate you taking the time to maintain the excellent site. I will be a frequent visitor for a really long time.

  • Thanks for every other informative blog. The place else may just I get that type of info written in such a perfect means? I have a venture that I am simply now working on, and I’ve been at the glance out for such information.

  • Heya i am for the first time here. I found this board and I find It really useful & it helped me out a lot. I hope to give something back and aid others like you aided me.

  • Hello, you used to write wonderful, but the last several posts have been kinda boring¡K I miss your tremendous writings. Past few posts are just a little bit out of track! come on!

  • Good web site! I really love how it is simple on my eyes and the data are well written. I’m wondering how I could be notified when a new post has been made. I have subscribed to your feed which must do the trick! Have a nice day!

  • Somebody essentially lend a hand to make severely articles I’d state. This is the very first time I frequented your web page and thus far? I surprised with the research you made to create this particular post extraordinary. Wonderful activity!

  • Thank you for every one of your hard work on this website. My niece enjoys making time for investigation and it is easy to understand why. A number of us learn all relating to the lively ways you deliver useful thoughts on the web site and even foster contribution from other people about this issue then our own simple princess is without a doubt discovering a whole lot. Have fun with the rest of the new year. You are carrying out a glorious job.

  • I’ve been browsing online more than 3 hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. In my view, if all site owners and bloggers made good content as you did, the net will be a lot more useful than ever before.

  • Thanks for some other fantastic post. Where else may anyone get that kind of info in such a perfect method of writing? I’ve a presentation next week, and I’m at the search for such information.

  • Great blog here! Also your website loads up fast! What host are you using? Can I get your affiliate link to your host? I wish my website loaded up as quickly as yours lol

  • I have been exploring for a bit for any high quality articles or blog posts in this sort of area . Exploring in Yahoo I finally stumbled upon this site. Reading this information So i¡¦m satisfied to convey that I have a very excellent uncanny feeling I came upon exactly what I needed. I most certainly will make sure to don¡¦t omit this site and give it a glance on a continuing basis.

  • Fantastic beat ! I wish to apprentice while you amend your site, how could i subscribe for a blog website? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear idea

  • Hi there, I found your web site by the use of Google whilst searching for a comparable matter, your site got here up, it seems to be good. I have bookmarked it in my google bookmarks.

  • You really make it appear so easy with your presentation but I in finding this matter to be really one thing which I believe I might never understand. It seems too complex and extremely wide for me. I am having a look forward on your next publish, I¡¦ll try to get the dangle of it!

  • I will immediately seize your rss feed as I can’t to find your e-mail subscription hyperlink or e-newsletter service. Do you have any? Please let me know so that I may just subscribe. Thanks.

  • Generally I do not read post on blogs, but I would like to say that this write-up very forced me to take a look at and do so! Your writing taste has been amazed me. Thanks, quite great post.

  • I like the valuable info you provide in your articles. I will bookmark your blog and check again here frequently. I’m quite certain I’ll learn many new stuff right here! Good luck for the next!

  • You made some nice points there. I looked on the internet for the issue and found most people will go along with with your site.

  • I have been reading out a few of your stories and i can state pretty nice stuff. I will make sure to bookmark your blog.

  • Terrific paintings! That is the type of information that are supposed to be shared across the web. Shame on Google for no longer positioning this publish upper! Come on over and consult with my web site . Thanks =)

  • Definitely, what a splendid website and educative posts, I will bookmark your blog.Have an awsome day!

  • Excellent read, I just passed this onto a friend who was doing some research on that. And he actually bought me lunch because I found it for him smile So let me rephrase that: Thanks for lunch!

  • SEO Firm says:

    Hello there, I discovered your blog by means of Google even as looking for a similar subject, your site got here up, it looks great. I’ve bookmarked it in my google bookmarks.

  • flu symptoms says:

    Wow, incredible weblog layout! How long have you been blogging for? you make blogging look easy. The total look of your site is magnificent, let alone the content!

  • Thank you for sharing excellent informations. Your web-site is so cool. I am impressed by the details that you¡¦ve on this blog. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for extra articles. You, my pal, ROCK! I found simply the information I already searched all over the place and simply could not come across. What an ideal web site.

  • I do accept as true with all the ideas you have offered in your post. They’re really convincing and will certainly work. Still, the posts are too short for novices. Could you please lengthen them a little from subsequent time? Thanks for the post.

  • I am really impressed with your writing skills and also with the layout on your blog. Is this a paid theme or did you customize it yourself? Either way keep up the excellent quality writing, it’s rare to see a great blog like this one nowadays..

  • I’m still learning from you, but I’m making my way to the top as well. I absolutely enjoy reading everything that is posted on your site.Keep the aarticles coming. I loved it!

  • Wonderful beat ! I wish to apprentice while you amend your website, how can i subscribe for a blog web site? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear idea

  • excellent issues altogether, you just received a new reader. What would you suggest in regards to your put up that you just made a few days in the past? Any sure?

  • What i do not understood is in reality how you’re no longer really a lot more well-favored than you might be right now. You are very intelligent. You know thus considerably with regards to this matter, made me in my opinion believe it from so many numerous angles. Its like men and women aren’t involved unless it is one thing to do with Woman gaga! Your personal stuffs nice. All the time care for it up!

  • Hey there. I discovered your blog by way of Google while searching for a similar topic, your website got here up. It looks good. I have bookmarked it in my google bookmarks to visit then.

  • Awesome post. I am a normal visitor of your website and appreciate you taking the time to maintain the excellent site. I will be a frequent visitor for a long time.

  • Terrific paintings! That is the kind of info that are meant to be shared around the internet. Shame on Google for now not positioning this post higher! Come on over and talk over with my site . Thanks =)

  • Hi there, You have done a great job. I’ll certainly digg it and personally recommend to my friends. I am confident they’ll be benefited from this site.

  • Thank you for every other great post. Where else may anybody get that kind of info in such an ideal means of writing? I have a presentation subsequent week, and I am at the look for such information.

  • Hiya, I am really glad I have found this information. Today bloggers publish only about gossip and internet stuff and this is really frustrating. A good blog with interesting content, that is what I need. Thanks for making this website, and I’ll be visiting again. Do you do newsletters by email?

  • that’s good, thanks for sharing,.. I think this is great blog

  • Hiya, I am really glad I have found this info. Nowadays bloggers publish just about gossip and internet stuff and this is really frustrating. A good web site with exciting content, this is what I need. Thank you for making this web site, and I’ll be visiting again. Do you do newsletters by email?

  • Hi there. I discovered your site by means of Google whilst searching for a comparable matter, your site got here up. It seems great. I have bookmarked it in my google bookmarks to come back then.

  • weight loss says:

    that’s good, thanks for sharing,.. I think this is great blog

  • that’s good, thanks for sharing,.. I think this is great blog

  • I must express thanks to this writer for rescuing me from such a circumstance. After looking through the internet and getting thoughts which were not beneficial, I figured my life was over. Existing without the solutions to the problems you’ve sorted out all through the review is a critical case, and the ones which might have negatively affected my career if I had not discovered your blog. Your own personal knowledge and kindness in touching all things was priceless. I am not sure what I would’ve done if I hadn’t discovered such a solution like this. I am able to at this moment look forward to my future. Thanks a lot so much for this impressive and sensible guide. I won’t hesitate to recommend your site to anybody who should get recommendations about this matter.

  • Hi there. I discovered your web site by means of Google whilst looking for a related subject, your site came up. It looks good. I’ve bookmarked it in my google bookmarks to visit then.

  • Excellent read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch because I found it for him smile Thus let me rephrase that: Thanks for lunch!

  • that’s good, thanks for sharing,.. I think this is great blog

  • that’s good, thanks for sharing,.. I think this is great blog

  • obviously like your website but you need to take a look at the spelling on several of your posts. A number of them are rife with spelling problems and I to find it very troublesome to inform the truth nevertheless I will definitely come back again.

  • I really appreciate this post. I have been looking all over for this! Thank goodness I found it on Bing. You’ve made my day! Thx again

  • Diet program says:

    that’s good, thanks for sharing,.. I think this is great blog

  • Excellent beat ! I would like to apprentice while you amend your website, how can i subscribe for a blog site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear concept

  • that’s good, thanks for sharing,.. I think this is great blog

  • Excellent beat ! I would like to apprentice while you amend your site, how could i subscribe for a blog site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear concept

  • I just could not go away your website before suggesting that I extremely loved the standard information a person provide for your guests? Is going to be back continuously in order to check out new posts

  • I am also commenting to let you know what a impressive discovery my child gained reading your site. She mastered too many things, with the inclusion of what it is like to have an awesome coaching spirit to get others just learn about various grueling things. You undoubtedly surpassed readers’ expected results. Thank you for displaying those informative, trustworthy, informative and in addition easy tips on this topic to Julie.

  • I like the helpful info you provide in your articles. I’ll bookmark your blog and check again here regularly. I’m quite certain I’ll learn many new stuff right here! Good luck for the next!

  • tech gadgets says:

    I am always looking online for posts that can facilitate me. Thanks!

  • Hello.This article was really remarkable, particularly because I was browsing for thoughts on this subject last Sunday.

  • My spouse and i ended up being really happy that Ervin managed to conclude his researching by way of the precious recommendations he was given out of your web page. It’s not at all simplistic to simply choose to be making a gift of guides that many people might have been making money from. We discover we need the blog owner to appreciate for this. Those illustrations you made, the straightforward website navigation, the friendships you make it possible to promote – it’s got everything exceptional, and it’s really facilitating our son and the family know that that subject is enjoyable, which is extraordinarily pressing. Thanks for everything!

  • that’s good, thanks for sharing,.. I think this is great blog

Join the conversation

Oops! We could not locate your form.