Realtors® Say Attorney General Holder Is Right -- No One Should Pay Taxes on Phantom Income
WASHINGTON, DC, Aug 21, 2014 -- The following is a statement by National Association of Realtors® President Steve Brown:
"U.S. Attorney General Eric Holder called on Congress today to do the right thing for financially distressed American families who lost homes to foreclosure or short sales this year, and Realtors® agree. After announcing the details of the U.S. Department of Justice's settlement with Bank of America, which includes $7 billion in relief to consumers, Holder lamented that Congressional inaction to extend the Mortgage Forgiveness Debt Relief Act will mean that people meant to be helped by the settlement funds will instead be penalized on their income taxes.
"The tax relief expired on December 31 last year and unless Congress acts to extend it, every person who has already sold or plans to sell a home in a short sale in 2014, will pay taxes on nonexistent mortgage debt, which is money many don't have.
"Realtors® are strong supporters of the bipartisan Mortgage Forgiveness Tax Relief Act, sponsored by Sens. Debbie Stabenow, D-Michigan, and Dean Heller, R-Nevada, and Reps. Tom Reed, R-New York, and Charlie Rangel, D-New York, to prevent underwater borrowers from paying taxes on any mortgage debt forgiven or cancelled by a lender after their home is sold for less money than is owed. Taxing forgiven mortgage debt as income is an unfair practice that also incentivizes defaults and foreclosures, which could torpedo the housing recovery.
"Congress should take immediate action to pass this legislation."
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the "News, Blogs and Videos" tab on the website.
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Here’s where to eat, drink, and shop at Inman NY 2013
Inman Connect NY, a short few days away (Jan. 16-18) has moved over to the East Side this year, sending your normal Times Square conference haunts into history. Onboard's Points of Interest data and staff to the rescue...
All-star area scourer Mike Seto has made your visit a piece of cake with restaurants, bars, banks, and conveniences in the Grand Central Area. He's gone as far to find a few 30% deals off to save you money via Savored.
Click to view a fully interactive version of this map.
Staff Picks
Osteria Laguna: "Convenient location, excellent food and atmosphere" - Mary Tedawes, Relationship Manager
Num Pang: "Quick and cheap seasonal sandwiches that pack a ton of personality into the typically bland Midtown East" - Yours truly
Park Avenue Tavern: "Can get crowded but great for lunch" - Walter Baum, Sales Manager
The Ginger Man: "One of the best beer bars in the city" - Ira Monko, Implementation Engineer
Let us know where else you'll be headed if you have favorites in the area!
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Tech and Real Estate May Lead the Way
TORONTO, Sept. 22 /CNW/ - Nearly two-thirds (64 percent) of Chief Financial Officers (CFOs) surveyed plan on making investments once the economy improves, and the top areas they are targeting include information technology and real estate. Twenty-one percent of respondents said they will be sourcing new or upgraded information technology systems and 20 percent plan to invest in new locations or real estate. More than one-quarter (27 percent) do not plan on making any investments.
The survey was developed by Robert Half Management Resources, the world's premier provider of senior-level accounting and finance professionals on a project and interim basis. It was conducted by an independent research firm and includes responses from 270 CFOs across Canada.
CFOs were asked, "In which one of the following areas are you most likely to invest once the economy improves?"
Their responses:
Will invest - 64%
New or upgraded IT systems - 21%
New locations or real estate - 20%
New products or service lines - 16%
Mergers or acquisitions - 6%
Other - 1%
None/will not invest - 27%
Don't know/refused - 9%
"As companies emerge from the downturn, previously postponed investments will again be considered, including technology infrastructure, new office locations and new product or service offerings," said David King, Executive Vice President for Robert Half Management Resources' Canadian operations. "Although finance executives may remain cautious when making large expenditures, they understand that these initiatives will help the company emerge stronger and more profitable." King added, "When making new investments in areas such as technology, companies will need to secure the right mix of specialized talent necessary to manage complex initiatives. Creating a staffing plan can help businesses maintain efficiency and effectiveness through periods of growth and transition."
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