RealEstateRama Laws & Taxes
Tax bills for the more than 740,000 parcels in Clark County are being mailed this week, according to the County Treasurer’s Office. Taxes for the fiscal year are due on the third Monday in August, but may be paid in four installments if the taxes exceed $100.
Today, U.S. Senator Dean Heller (R-NV) penned a letter to the Chairman and Ranking Member of the Senate Finance Committee, asking them to move forward on tax extenders legislation. In the letter, Heller urges the Committee to include a continuation of the state and local sales tax deduction. This tax deduction is “a vital component of our economy, spurring growth and creating jobs,” Heller said
Senators Heller, Stabenow Introduce Bipartisan Bill to Eliminate Tax that Hits Underwater Homeowners
U.S. Senators Dean Heller (R-NV) and Debbie Stabenow (D-MI) today introduced the Mortgage Forgiveness Tax Relief Act to ensure that underwater homeowners, those who owe more on their mortgages than their homes are now worth, would not be hit with additional income tax if a portion of their mortgage is forgiven. Without the Stabenow-Heller legislation, homeowners will be required to pay these additional taxes when they refinance or sell their homes in what are commonly called “short sales.”
Las Vegas, NV - January 14, 2012 - (RealEstateRama) -- As part of the fiscal cliff deal, the Mortgage Debt Forgiveness Act of 2007 has been extended for one more year and will now expire on December 31, 2013. The relief act's extension was seen as vital to the recovering housing market. Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would count as income for tax purposes. For instance, if somebody owes $250,000 on their mortgage and their lender agrees to a $200,000 short sale, $50,000 in debt is forgiven. This would have been taxable without an extension of the law.
Las Vegas, NV - February 1, 2012 - (RealEstateRama) -- If you’ve been thinking about doing a short sale on your Nevada home, you might want to hurry up. The time is limited for homeowners who want to ensure they aren’t hit with a big tax bill because they had to walk away from a mortgage obligation. The Mortgage Forgiveness Debt Relief Act is set to expire on December 31, 2012.
Las Vegas, NV - November 21, 2011 - (RealEstateRama) -- There was a significant decline in the number of mortgage default notices served on homeowners in the Las Vegas metro area and in Nevada in October, but not because of a sudden recovery in the housing market.
Las Vegas, NV - April 11, 2011 - (RealEstateRama) -- Question: There are many short sale properties on the market in Nevada. Is it legal for a buyer to place multiple offers on multiple homes?
Las Vegas, NV - January 18, 2011 - (RealEstateRama) -- According to the Associated Press, the bleakest year in the foreclosure crisis has only just begun. Lenders are poised to take back more homes this year than any other since the U.S. housing meltdown began in 2006.
Las Vegas, NV - October 19, 2010 - (RealEstateRama) -- The Division of Mortgage Lending continues to diligently enforce mortgage lending laws by disciplining 7 entities for various violations of those laws.
LAS VEGAS, NV - July 12, 2010 - (RealEstateRama) -- A former Las Vegas resident has pleaded guilty to conspiracy for his involvement in a Nevada mortgage fraud scheme involving straw buyers and falsified mortgage loan documents, announced Daniel G. Bogden, United States Attorney for the District of Nevada.
Washington, DC - March 17, 2010 - (RealEstateRama) -- Today U.S. Congressman Dean Heller (R-NV) offered an amendment in the House Ways and Means Committee on H.R. 4849, the Small Business and Infrastructure Jobs Tax Act of 2010. Heller’s amendment failed by vote of 15 to 22.
Federal Mortgage Fraud Charges Filed Against Owner and Employees of Former Nevada Investment Companies
LAS VEGAS, NV - March 10, 2010 - (RealEstateRama) -- A man who owned and operated numerous now-defunct Nevada investment companies, and two of his former employees, were indicted by the federal grand jury today on mortgage fraud charges, announced Daniel G. Bogden, United States Attorney for the District of Nevada.
Washington, D.C. - January 29, 2010 - (RealEstateRama) -- Congresswoman Dina Titus of Nevada's Third District released the following statement today on the news that the economy grew 5.7 percent in the fourth quarter of 2009, the fastest pace since 2003.
Washington, D.C. - November 5, 2009 - (RealEstateRama) - Congresswoman Dina Titus of Nevada’s Third District voted today in support of important legislation that extends both unemployment benefits for Southern Nevadans during this tough economic time and the first-time homebuyer tax credit which has given a boost to Nevada’s struggling housing market.
Washington, D.C. - November 4, 2009 - (RealEstateRama) -- Led by Nevada Senator Harry Reid, the U.S. Senate today passed a bill that will extend unemployment benefits, the Homebuyer Tax Credit, and tax relief for struggling businesses.
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