On December 20, President Bush signed the Mortgage Forgiveness Debt Relief Act of 2007 [HR 3648]. The legislation is aimed to help homeowners who are facing foreclosure on their principal residence.
The new law excludes from income the cancellation of up to $2 million in debt related to any discharge of qualified acquisition indebtedness on the [...]

Today IRS announced that filing will begin on time for all filers, except those AMT filers using the following forms:
Form 8863, Education Credits. Form 5695, Residential Energy Credits.
Form 1040A Schedule 2, Child and Dependent Care Expenses for Form 1040A Filers.
Form 8396, Mortgage Interest Credit.
Form 8859, District of Columbia First-Time Homebuyer Credit.
Although the number could go [...]

* * Congress Approves AMT Patch * *
Yesterday, the House approved the previously passed Senate version of the Tax Increase Prevention Act of 2007 (H.R. 3996). The president is expected to sign the bill. The Act provides for a one-year patch of the AMT for 2007 but does not offset the revenue cost with revenue [...]

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