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I think the form just says fair market value. So it's up to the taxpayer to write in the fair market value and pay the tax on the difference between the forgiven loan and the fair market value at the time the loan was forgiven. It doesn't matter that the bank waits to sell the property -- the...

NSR -- I don't think it works that way. If it did, you could always avoid forgiveness of debt income simply by giving up whatever was secured by the debt. My guess is that whatever the bank sells the house for is considered fair market value unless you can prove otherwise. If the bank sold...

Ha ha...I might...I'm actually going to try to negotiate w/Laing b/c I do like the homes and the location.

<p>More Belle Cliff escrow fallouts?</p> <p><strong><a href="http://tinyurl.com/2xhfjp">http://tinyurl.com/2xhfjp</a></strong></p> <p><strong><a href="http://tinyurl.com/35pe4r">http://tinyurl.com/35pe4r</a></strong></p> <p><strong></strong> </p>

You sure can. If it's a non-recourse loan the bank is limited to the property for payment, i.e., can't go after you for the difference. Purchase money mortgages are non-recourse by law. If you refinance, then your loan becomes recourse and the bank can come after you. Either way your credit...

My top 5 would be, in no particular order, weather, schools, crime rate, jobs, proximity to coast. That being said, I would never live in Irvine, due to the Stepford nature of the place. You can get lost on your own street because all of the stucco box houses are identical. And too many strip...

LL: So Laing decided to put the house on the MLS 4 days <em>after</em> they sold it? That doesn't make sense.

<p>Speaking of the HMID...interesting bill being proposed by Rep. John Dingell that would end the HMID for houses >3,000 sq. ft. Seems to me to be totally arbitrary and capricious. I'm sure there are plenty of older 2900 sq. ft. homes that use more energy than newer energy efficient 3200 sq...

<p>I was just asking whether those high income itemized deduction thresholds were slated to be eliminated.</p> <p>Turns out, at least according to SmartMoney, they are.</p> <p><a...

<p>awgee -- <em>"All schedule A deductions are reduced under high income threshholds, including both mortgage interest and charitable donation."</em></p> <p>Isn't this being eliminated w/in the next 3 years? (My bad if you have already answered this question, but I don't think you have.)</p>

LL: You still wouldn't be able to deduct mortgage interest to offset your non-rental income. The PAL rules were enacted in 1986 to ensure that high income doctors, lawyers, etc. couldn't simply use debt to buy real estate and then use the depreciation and mortgage interest expense to offset...

<p>IR -- With a personal residence, even if your scheme is not illegal, it simply wouldn't make economic sense. You can only deduct mortgage interest and take the depreciation deduction on a rental property to offset the rental income, i.e., you can't use it to offset your other non-passive...

IR -- With all due respect even confidence that prices are too high doesn't justify a statement like <em>"I would not buy in the next year and a half no matter how good the price because I know it will still get lower."</em> Even assuming all of your arguments are sound, all of the data you...

<p>IR -- how would a sophisticated buyer be able to form an entity to purchase and own their home and obtain the interest deduction? I don't think this would be permitted if the HMID was eliminated. If this were the case, you would already see it happening with other personal assets on which...

Sounds like a good idea to me. Eliminating both the HMID and AMT would simplify the tax code. I don't think the HMID would decrease the desirability of homeownership, though it would decrease the attractiveness of mortgage debt.

<p>Looks like CFC is in the clear for the time being (and check their stock price after hours, up nearly 4 bucks a share).</p> <p><a href="http://biz.yahoo.com/prnews/070822/law112.html">http://biz.yahoo.com/prnews/070822/law112.html</a></p>

<p>I'm posting anonymously on a housing blog. I don't think anyone gives my opinion more credibility than it deserves. At least I hope not.</p> <p>As for ascribing my opinion to Buffett, I have no idea what that means. I offered my opinion as to why Buffett might be interested. That...

<p>I'm actually surprised this is on the MLS; initial demand for Belle Cliff was so strong that I would have thought Laing had a list of "just in case" buyers they could have called for escrow fallouts. I wonder whether the employee had to forfeit their deposit.</p>

<p>Thanks!</p>

<p>Is English not your first language? Are you really arguing that I could not possibly have a metaphysical understanding of Mr. Buffett's knowledge? Point conceded. Indeed, point irrelevant.</p> <p>I think my comment set forth my opinion of why Buffett might be interested in Countrywide...