It must be signed by the person accepting the security deposit, unless the tenant pays the security deposit by electronic funds transfer, then landlord may give an electronic receipt -Hold all security deposits in a federally insured account in an Illinois financial institution separate from the landlord’s other accounts -Tell the tenant in writing the name of the financial institution where the landlord will deposit the security deposit -Inform the tenant of the new account if the landlord transfers the security deposit into a new account -Return the security deposit within 30 days after the tenant moves out -Only keep money from the security deposit if the tenant owes rent or court fees, if the landlord has gone to court (but not attorney’s fees) or for reasonable costs that the landlord has paid for the repair of the unit (but not costs for “ordinary wear and tear”) -Provide a detailed explanation of the costs within 30 days if the landlord has kept money from the security deposit for repair -Be responsible to return the security deposit if the landlord sells the property until the first landlord gives the money to the second landlord and gives the tenant written notice; then the second landlord is responsible for the security depositREMEDY: If the landlord charges too much for security deposit, does not return the security deposit, or does not give the tenant proof of the expenses for any repairs deducted from the security deposit, the tenant may sue the landlord and shall receive damages equal to 2 times the security deposit plus attorney’s fees.

This is why it's getting interesting, posting like this in BP would invite lot of PhD in Real Estate here :-) LOL I want to see her explanation as well, maybe it's convincing maybe not LOL

Under the act, up to $2 million in debt elimination can be tax-free.Based on the importance of facilitating home mortgage modifications, in the Treasury’s Green Book, there is a summary explanation of the administration’s budget proposal and it calls for an extension of the tax break due to ‘the continued importance of facilitating home mortgage modifications.’

Thank you for the explanation @Andres Perez .

[BTW, your "defer any portion" explanation failed to make sense to me].

With a good letter of explanation about your sabbatical after graduating college, you should be fine.

Documents such as tax returns, primary property information and a simple letter of explanation should suffice to end this issue.

You've been very generous with your explanations when answering the questions.

Thank you for your explanation @Paul Defngin!  

Its pretty simple if you have a good letter of explanation (LOE) to tie in the story with a pretty ribbon and proper documentation you'll get a "approval," stamp.Hope that helps.