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Taxation & Estate Planning

: TaxProf Blog

IRS: Federal Payments to Financially Distressed Homeowners Are Not Taxable

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The IRS ruled today that cash payments to financially distressed homeowners under federal housing relief programs do not constitute gross income under the general welfare exception (which excludes from income payments under governmental social benefit programs for the promotion of the general welfare). Notice 2011-14, 2011-14 I.R.B. ___ (Mar. 14,...

Full post as published by TaxProf Blog on February 23, 2011 (boomark / email).

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