Each state has their own set of laws and interpretations.

According to my interpretation of the info in the second link, cancelled debt that is incurred while insolvent may in fact not be taxable.

It has something to do with their interpretation of the SAFE Mortgage Licensing Act.They apparently want to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator.

If there is another forum where this info would be better suited, please let me know and I will post there.HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACTHUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator.

Interpret yourself:"The commercial context implied by the taking of an "application" is also absent where an individual seller provides financing to a buyer pursuant to the sale of the seller's own residence.

Is this how you interpret the new info?

Note that every accountant I have talked to has a different interpretation of what is “reasonable†with regard to the split2.

Very interesting, especially since most of what is being reported as bias in the news coverage is actually on one of the commentary (opinion) shows and not the news show.That said everyone (even those here) have been called on gramatical errors, or interpretation errors, and even factual errors.

Just want to make sure I understand the rules as I have met plenty of agents that mis-interpret rules.

Becoming an "expert" in an "area" could be interpreted as a County, a city, a neighborhood, or a street.