The Hidden Tax Traps in the Housing-Rescue Bill

[2Design]

http://finance.yahoo.com/loans/article/105473/The-Hidden-Tax-Traps-in-the-Housing-Rescue-Bill

The housing-rescue bill, also known as the Housing Assistance Act of 2008, is intended to calm the mortgage market, the real estate market, homeowners on the verge of bankruptcy and foreclosure, victims of bank failures and others whose lives are topsy-turvy this year.

But from a tax perspective, the bill is likely to cause more upset than calm. Here is a look at five areas where tax law was changed along with housing law, and the good news and bad news that goes along with each:

[FrenchieCat]

1. As an accountant, that was interesting reading.

The good outweight the bad.

The Merchant Credit Card gross receipts to the IRS is not a good thing, however. Too much information from a third party to the IRS, imo.