So-called capitol hill PoliticoPro tax journalists get it really wrong. If these guys were really tax professionals, they would know that the tax extenders bill passed in the House last week, and pending approval in the Senate next week, does NOTHING to help any of the “2 million borrowers who are either seriously delinquent on their mortgages or already in some state of forecloser.”

Why doesn’t it help us?

Because this bill only helps people who have short sales or deed-in-lieus that settle finally during 2014. Everyone with something still pending at 1/1/2015 is toast, as far as this specific relief is concerned.

If you want to know how many of us that might be, just do an in-the-last-24-hours search on google for “pending short sale,” and you’ll get a sense of the enormous problem our kindly elected representatives are about to dump on us and the entire US housing market:

Great job Politico tax experts! –

“POLITICO’S Patrick Temple-West and Jon Prior report that within these provisions is a tax break that helps some 2 million borrowers who are either seriously delinquent on their mortgages or already in some state of foreclose, according to the Urban Institute. The break was originally created after the housing crisis, and basically forgave those the crisis hit hard by forgiving some of their mortgages. If the tax break had not been extended, the borrowers would have had to pay this forgiven amount.”

POLITICO-

THE EXTENDERS SAGA IS ENDING IN A WHIMPER. Sen. Ron Wyden predicted the Senate will take up the House one-year tax deal, likely next week.

“It’s hard to see a way in which you get a procedural alternative,” he told reporters Thursday. Hard to argue with a bipartisan 378-46 House vote.

The bill was passed by the House on Wednesday, and will extend more than 50 individual and business tax breaks.

POLITICO’S Patrick Temple-West and Jon Prior report that within these provisions is a tax break that helps some 2 million borrowers who are either seriously delinquent on their mortgages or already in some state oft foreclose, according to the Urban Institute. The break was originally created after the housing crisis, and basically forgave those the crisis hit hard by forgiving some of their mortgages. If the tax break had not been extended, the borrowers would have had to pay this forgiven amount.

http://www.politico.com/morningtax/?ml=tp

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