Discussion:Mortgage Relief Act of 2007

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Discussion Forum Index --> Basic Tax Questions --> Mortgage Relief Act of 2007
Discussion Forum Index --> Tax Questions --> Mortgage Relief Act of 2007

Peabody1313 (talk\|edits) said:	15 January 2008
I need to give someone a 1099 for failure to repay a mortgage. My understanding is that the Relief Act only applies to Qualified Personal Residence and not investment properties. Does anyone have a clear understanding?

Death&Taxes (talk\|edits) said:	15 January 2008
You hit it on the button; no rentals, investment properties or second homes. And no home equity lines either. Someone will surely pop on with a link.

GregC8579 (talk\|edits) said:	15 January 2008
Here is one that contains the bill's highlights. If you have CCH or something similar, there are some good explanations up by now. I found this link by doing a goole search.

GregC8579 (talk\|edits) said:	15 January 2008
I believe home equity lines can count as part of the $2 million limit as long as the funds were used for renovation of the principle residence.

Death&Taxes (talk\|edits) said:	15 January 2008
I think you are right, Greg....if it is home aquisition debt it qualifies. I was too broad. From RIA 12/20/07: "Qualified principal residence indebtedness is acquisition indebtedness under Sec. 163(h)(3)(B)"