§25. Interest on certain home mortgages — Inbound Citations
26 U.S.C. § 25
Cited by 8 provisions in release 119-102.
Citations to 26 U.S.C. § 25 as a whole
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(ii) any credit was allowed under section 25 (relating to interest on certain home mortgages) to the taxpayer for interest paid or incurred on such indebtedness.
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(g) The amount of the deduction under this section for interest paid or accrued during any taxable year on indebtedness with respect to which a mortgage credit certificate has been issued under section 25 shall be reduced by the amount of the credit allowable with respect to such interest under section 25 (determined without regard to section 26).
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(vii) Section 25 (relating to requirement to deliver shopper’s guide).
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(1) The Trust shall provide assistance for first-time homebuyers in the form of interest rate buydowns and downpayment assistance under this subsection. Such assistance shall be available only with respect to mortgages for the purchase of residences (A) financed with the proceeds of a qualified mortgage bond (as such term is defined in section 143 of title 26), or (B) for which a credit is allowable under section 25 of title 26.
Citations to §25(c)
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(d) The term “mortgage credit certificate” has the meaning given to such term by section 25(c).
Citations to §25(c)(2)(A)(ii)
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(1) the amount of qualified mortgage bonds which such authority elects not to issue under section 25(c)(2)(A)(ii) during such year, plus
Citations to §25(f)
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(2) the amount of any reduction in such ceiling under section 25(f) applicable to such authority for such year.
Citations to §25(g)
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(c) Any person required by section 25(g) to file a report with the Secretary who fails to file the report with respect to any mortgage credit certificate at the time and in the manner required by the Secretary shall pay a penalty of $200 for such failure unless it is shown that such failure is due to reasonable cause and not to willful neglect. In the case of any report required under the second sentence of section 25(g), the aggregate amount of the penalty imposed by the preceding sentence shall not exceed $2,000.