New Laws For California Realtors and Real Estate Investors With the housing market taking center stage among the nation?s concerns, both Congress and California?s State Legislature have enacted significant new laws affecting REALTORS and Real Estate investors. EMERGENCY ECONOMIC STABILIZATION ACT (0 Billion Bail Out) Hope For Homeworker portal.hud.gov This bill also extends the tax exemption for debt forgiveness on home loans under the Mortgage Forgiveness Debt Relief Act of 2007 from December 31, 2009 to December 31, 2012. _Source:_H.R. 1424[4]. DRE LICENSE NUMBER MUST BE ON FIRST-CONTACT MATERIALS: Effective July 1, 2009, California?s real estate agents must disclose their Department of Real Estate (DRE) license numbers on all solicitation materials intended to be the first point of contact with consumers. DEBT RELIEF INCOME EXEMPT FROM STATE INCOME TAX: Starting September 25, 2008, the federal income tax exemption for debt forgiven on a home loan now applies to state income taxes to a limited extent. Federal law provides a tax exemption for debt forgiveness on a loan incurred for acquiring, constructing, or substantially improving a principal residence up to million if the debt is discharged from 2007 through 2012. Under the new California law, the maximum qualifying debt is only 0000, not million, and the maximum exclusion is 0000. Moreover, the California law only applies to a debt discharged in 2007 or 2008. Senate Bill 1055. DRE CAN DISCIPLINE ?
Source: http://taxdebtreliefservices.com/new-laws-for-california-realtors-and-real-estate-investors
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