Industry News

IRS down-payment-assistance ruling gets mixed reviews

Assistance organizations stripped of tax-exempt status
Published on May 30, 2006

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by CareyBot

A new ruling denying home seller-funded down-payment-assistance organizations tax-exempt status is a good idea or a threat to home buyers, depending on whom you talk to.

The Internal Revenue Service ruled May 4 that such organizations do not qualify as tax-exempt charities. The programs, such as those at Nehemiah Corp ...

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