News & Analysis as of

Mortgage Interest

The CFPB’s Abusiveness Claim Against Nationwide: If an Interest Minimizer Program is Abusive, What About a Refinancing?

by Williams Mullen on

The crux of the CFPB’s “abusive act or practice” claim[1] against Nationwide Biweekly Administration, Inc. (“Nationwide”) is that its customers do not understand how long they must remain in the company’s Interest Minimizer...more

IRS is Getting More Info About Your Home Mortgage

by Charles (Chuck) Rubin on

This information will allow the IRS computers and personnel to make some judgments on whether a mortgage interest deduction was properly taken on an income tax return. Without this information, the IRS would have had to audit...more

"Income, Wealth Transfer Tax Changes Likely Under New Administration"

Comprehensive federal tax reform likely will be a top priority for the Trump administration and Republicans in Congress in the first half of 2017. Although there are differences between their proposals, President Donald Trump...more

Buy-to-Let Investors Turn to Commercial Property

by Dorsey & Whitney LLP on

Buy-to-let investors are increasingly turning away from residential properties, with some reports stating that the number of those jumping ship to the commercial sector has recently tripled. This shift has been spurred...more

How HUD Secretary Carson Might Affect Mortgage Lenders

President-elect Donald Trump’s recent decision to nominate Dr. Ben Carson as Secretary of the Department of Housing and Urban Development (HUD) carries potential implications for mortgage lenders. In accord with Trump’s...more

Estate Planning NOW: Preparing for a New Government

by Lewitt Hackman on

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

A Comparison of Trump and House GOP Tax Reform Proposals

by Holland & Knight LLP on

With Republicans in control of the U.S. Senate, the U.S. House of Representatives and the White House starting in 2017, the federal government is now better positioned to move forward on comprehensive tax reform, with...more

IRS Agrees that Domestic Partners Are Entitled to Full Home Mortgage Interest Deduction

by Miles & Stockbridge P.C. on

The IRS recently released guidance indicating that it will follow the Ninth Circuit’s ruling in Voss v. Commissioner, 796 F.3d 1051 (9th Cir. 2015), acquiescing to the Ninth Circuit’s opinion that unmarried domestic partners...more

Massachusetts DBO Enters Into Consent Order with Mortgage Lender Over Pre-Disbursement Interest Charges

by Goodwin on

On August 12, the Massachusetts Division of Banks made public its second quarter enforcement actions, including a consent order that it had entered into on April 21 with a California-based mortgage lender and broker...more

Tax and Estate Planning Newsletter - Summer 2015

by Archer Norris PLC on

Dear Clients and Colleagues: This summer’s weather is a mix of hot and cold temperatures, and the rain we need so desperately is coming now in sprinkles along with thunder and lightning. Along with changes in the...more

Important Tax Provisions Contained in Acts Extending Highway Trust Fund and Trade Preferences

by Williams Mullen on

On July 31, 2015, President Obama signed P.L. 114-41, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (“Highway Act”), into law. Although the Highway Act is primarily for the purpose of...more

Important Tax Compliance Provisions Included in the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015

by Varnum LLP on

On Friday, July 31, 2015, President Barack Obama signed HR 3236, the "Surface Transportation and Veterans Health Care Choice Improvement Act of 2015" (the "Act"). The Act modifies the extended six-year statute of limitations...more

State Supreme Court Rules on Scope of B&O Tax Mortgage Interest Deduction

by Lane Powell PC on

In 1980, when extending the business and occupation (B&O) tax to financial institutions, the legislature provided a deduction for “amounts derived from interest received on investments or loans primarily secured by first...more

Joint Obligors – Who Gets the Interest Deduction

by Charles (Chuck) Rubin on

In a recent Chief Council Advice, the IRS summarizes and reaffirms various principles that can be applied to determine who gets an interest deduction for payments made on a home mortgage when there is more than obligor under...more

Renewed interest in Mortgage Credit Certificate programs

by Ballard Spahr LLP on

Section 25 of the Internal Revenue Code (IRC) permits issuers of tax-exempt qualified mortgage revenue bonds to elect to issue mortgage credit certificates (MCCs) to eligible homebuyers in lieu of offering mortgages financed...more

Are Charitable Deductions Dead?

by InKnowVision on

In talking with a number of tax professionals, there seems to be a lack of consensus about how much the new law will actually reduce charitable deductions and other itemized deductions like those for state income tax, real...more

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