Laws & Taxes

Laws & Taxes

2015-2016 Real Property Tax Bills in the Mail

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.

Heller Urges Senate Finance to Take up Tax Extenders and Include State, Local Sales...

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.”

Short Sale in 2013 To Avoid a Large Tax Bill

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.

Nevada Short Sales | Is Time Running Out For Nevada Homeowners?

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.

Why AB284 Helps Nevada Homeowners Seeking Short Sales

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.

Is it Legal to Place Multiple Offers on Multiple Short Sale Homes?

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?

Myers Team Offers Nevada Homeowners Short Sale Options for 2011

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.

Division of Mortgage Lending issues fines and takes enforcement action in 7 matters

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.

Former Las Vegas Resident Pleads Guilty to Committing Mortgage Fraud in Nevada

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.

Heller Offers Homebuyers Amendment in Committee

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.

Titus Statement on 4th Quarter GDP Increase

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.

Titus Votes to Extend Unemployment Benefits and First-Time Homebuyer Tax Credit

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.

Reid Leads Passage Of Bill To Extend Unemployment Benefits, Homebuyer Tax Credit

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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Nevada Short Sale Information – FTC Cracks Down on Loan Modification...

Las Vegas, NV - January 6, 2011 - (RealEstateRama) -- Effective January 31, 2011, The Federal Trade Commission has banned loan modification companies from charging up-front fees for negotiating modifications of residential mortgage loans. According to Eric Witksoki, Chief of the Attorney General’s Bureau of Consumer Protection, and the state consumer advocate, “Money spent on mortgage modification consultants is a bad bet for consumers.” Additionally, Witkoski commented that spending money on loan modification is “worse than some of the odds at the casino tables.”

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BLM PROPOSES TO SELL 754.88 ACRES OF PUBLIC LAND IN CLARK...

The Bureau of Land Management Las Vegas Field Office is seeking public comments on a proposal to sell 40 parcels totaling 754.88 acres of public land in Clark County, Nevada. The competitive sale would be by sealed and oral bidding in accordance with the Southern Nevada Public Land Management Act (SNPLMA). A Notice of Realty Action published in today’s Federal Register opens a 45-day comment period which will close January 8, 2018.