REC-7 - Additional Tax Due When Indebtedness Increases Beyond Previously Stated Maximum Indebtedness

Additional indebtedness tax is due on an increase in indebtedness, but only on the increase.  The mortgagor should provide the book and page where the prior document was filed.  Please note that the entire amount of the increase is subject to tax. A taxpayer cannot exclude the first $2,000 of the increase in indebtedness as it may do when paying the tax under the initial filing.

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