Definition: The term 'mortgage without W2' refers to a mortgage loan that does not require a withholding tax of 10% (W2) for federal income taxation purposes, as prescribed by section 496(3)(C) of the Internal Revenue Code. This policy is generally applied in countries where it is considered more advantageous for individuals with lower taxable incomes. The term "without W2" means that there is no withholding tax on the amount paid to the mortgage company. The word "mortgage without W2" is a specific type of mortgage loan and applies only when the borrower has income less than $150,000 (approximately 6% of net income). This policy was originally intended for individuals who were eligible for certain government programs that allowed them to claim a tax deduction from their federal income tax return. However, as mentioned earlier, this policy is generally applied in countries where it is considered more advantageous for individuals with lower taxable incomes. The term "without W2" does not necessarily mean that the mortgage loan would be exempt from paying taxes on its amount due, but rather that there would be no withholding tax on the payment to the lender. This is because the loan is not being made in cash and has been deposited into an account of the borrower's choice with the bank. The term "without W2" is used only when such a mortgage loan is appropriate for certain individuals who are eligible for certain government programs that allow them to claim a tax deduction from their federal income tax return. In summary, the term "mortgage without W2" refers to a mortgage loan that does not require a withholding tax of 10% (W2) on its payment due to section 496(3)(C) of the Internal Revenue Code. This policy is generally applied in countries where it is considered more advantageous for individuals with lower taxable incomes, but it must be used only when an individual has income less than $150,000 (approximately 6% of net income).
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