3 Articles match "2008","IRS","Sales"

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Buying Foreclosures at the Auction: Make a Killing or Get Killed
“Buying foreclosed real estate at an auction is like having a license to steal,” says Larry Blachman , a Realtor who specializes in foreclosures and author of Buying Foreclosures at a Trustee’s Sale. Moreover, make sure there aren’t any IRS liens, other tax liens, second or third mortgages, bankruptcy filings or any other monetary encumbrance. Next, attend several auctions as an observer to watch and listen to how the auctioneer and bidders interact. But buying foreclosed homes at an auction is also probably the most dangerous way to purchase real estate — unless you know how the process works. “If
www.foreclosurepulse.com - Tuesday, December 16, 2008
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Bush Foreclosure Solution Just Adds Water
The IRS currently considers such forgiven debt to be additional gross (and taxable) income for the year. This can directly affect the homeowners’ ability, or desire for that matter, to proceed with such things as short sales and other types of workout situations that may offer them foreclosure relief, for instance. “…the Administration strongly believes this relief should be temporary to assist homeowners during the current mortgage market transition period and to avoid distorting consumer and lender decisions on new mortgage loans,” the statement said. It wasn’t very long ago that President George W.
www.foreclosurepulse.com - Tuesday, December 16, 2008
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New Tax Law Spurs More Short Sales, Expert Says
For real estate investors looking for pre-foreclosure bargains, a new federal law could unleash a torrent of short sales as struggling borrowers facing foreclosure unload their over-mortgaged homes to avoid huge tax bills on capital gains. HR 3648 , or the Mortgage Forgiveness Debt Relief Act, signed by President George W. Lucier , means more struggling borrowers will consider selling their homes to investors through short sales. Bush on Dec. 20, helps people whose homes are in foreclosure by canceling taxes on any mortgage debt that has been forgiven by their lender.
www.foreclosurepulse.com - Tuesday, December 16, 2008
READ MORE
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  • New Tax Law Spurs More Short Sales, Expert Says
    For real estate investors looking for pre-foreclosure bargains, a new federal law could unleash a torrent of short sales as struggling borrowers facing foreclosure unload their over-mortgaged homes to avoid huge tax bills on capital gains. HR 3648 , or the Mortgage Forgiveness Debt Relief Act, signed by President George W. Lucier , means more struggling borrowers will consider selling their homes to investors through short sales. Bush on Dec. 20, helps people whose homes are in foreclosure by canceling taxes on any mortgage debt that has been forgiven by their lender.
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE
  • Buying Foreclosures at the Auction: Make a Killing or Get Killed
    “Buying foreclosed real estate at an auction is like having a license to steal,” says Larry Blachman , a Realtor who specializes in foreclosures and author of Buying Foreclosures at a Trustee’s Sale. Moreover, make sure there aren’t any IRS liens, other tax liens, second or third mortgages, bankruptcy filings or any other monetary encumbrance. Next, attend several auctions as an observer to watch and listen to how the auctioneer and bidders interact. But buying foreclosed homes at an auction is also probably the most dangerous way to purchase real estate — unless you know how the process works. “If
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE
  • Bush Foreclosure Solution Just Adds Water
    The IRS currently considers such forgiven debt to be additional gross (and taxable) income for the year. This can directly affect the homeowners’ ability, or desire for that matter, to proceed with such things as short sales and other types of workout situations that may offer them foreclosure relief, for instance. “…the Administration strongly believes this relief should be temporary to assist homeowners during the current mortgage market transition period and to avoid distorting consumer and lender decisions on new mortgage loans,” the statement said. It wasn’t very long ago that President George W.
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE