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The Bipartisan Budget Act of 2018 renewed it for all of the tax year 2017 and offered a wide range of individual and business tax benefits that had expired at the end of 2016, including the "exclusion from gross income of discharge of qualified principal residence indebtedness (often, foreclosure-related debt forgiveness), claimed on Form 982." [2]
A taxpayer has qualified farm indebtedness if such indebtedness was incurred directly in connection with the taxpayer's trade or business in farming; and; 50% or more of the aggregate gross receipts of the taxpayer for the three taxable years preceding the discharge is attributable to the trade or business of farming [28]
Acquisition indebtedness is defined as an indebtedness which is incurred in acquiring, constructing, or substantially improving any qualified residence, and is secured by such residence. [8] Home equity indebtedness is defined as any indebtedness secured by a qualified residence to the extent that the aggregate amount does not exceed 1) the ...
The Illinois Department of Financial and Professional Regulation (IDFPR) is the Illinois state government code department [1] [2] that through its operational components, the Division of Banking, Division of Financial Institutions, Division of Professional Regulation, and Division of Real Estate, oversees the regulation and licensure of banks and financial institutions, real estate businesses ...
A bankruptcy discharge is a court order that releases an individual or business from specific debts and obligations they owe to creditors. In other words, it's a legal process that eliminates the debtor's liability to pay certain types of debts they owe before filing the bankruptcy case.
One form of income listed in the Code, that of "discharge of indebtedness" is not often considered income by lay persons. If, however, a taxpayer owes a debt to any other party, and that debt is forgiven without being fully repaid, the taxpayer must as a general rule declare the forgiven amount as income, and must pay tax on it. [6]
It was not immediately clear if the affidavit form was live as of Jan. 11, but those needing to register can contact the Firearms Services Bureau at isp.askfoidandccl@illinois.gov or 217-782-7980 ...
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95-109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act.