For the state of Illinois, I found the answer to be YES.
I found it interesting that the housing crisis is affecting all fifty states, but until recently only fourteen states have made legislative and program changes to help homeowners in their respectively states.
The states that have passed legislation to regulate the cost of acquiring a loan are: Washington Connecticut Kentucky Maine Maryland Minnesota New York Pennsylvania The latter states led the way for forty states to implementing a homeowner counseling (0 comments)
realestate: Real Estate Investors, Beware
- 01/01/09 02:56 PM
The IRS made changes to the tax that will affect 2007 tax returns if the investor claims a loss. In addition, just reporting a loss may cause your taxes to be audited. The new law has to do with the real estate investor classification. The investor can be classified as a real estate professional. Under the new law, the investor qualifies as a professional, regardless if licensed real estate agent or broker by working at least 750 hours on real estate activities. The IRS considers real estate activities to be renting, leasing, converting, operating, developing, redeveloping, managing, constructing, and acquiring of (0 comments)