|
Newsletters>
MPR Newsletter #1
December 30, 2007
On December 20 2007 President Bush signed into effect H.R.
3648, the "Mortgage Forgiveness Debt Relief Act of 2007"
This law will eliminate a taxable gain on borrowers who
received a forgiveness of debt from a lender in a short
sale. Normally, if a lender forgives the debt, to this
extent the homeowner would have a taxable gain. HR 3648
would eliminate this “phantom income” on a borrower’s
principal residence. The law applies to all debt forgiven
from Jan 1, 2007 and on.
For more on this subject see:
www.whitehouse.gov/news/releases/2007/12/20071220-6.html
New radon law applies to residential sales of one to
four-unit properties.
Effective January 1, the Illinois Radon Awareness Act
requires the seller of a residential property (of one to
four dwelling units) to provide the buyer with two
documents before becoming bound on a contract: 1) a
"Disclosure of Information on Radon Hazards" and 2) a
pamphlet on radon testing guidelines from the Illinois
Emergency Management Agency.
   
Copyright © 2009 Midwest Premier Realty, LLC. All Rights Reserved. No distribution, reproduction, or transmission of the copyrighted website materials are permitted without the written permission of Midwest Premier Realty, LLC.
|
