2 Articles match "Dec","IRS","Sales"

The Latest from RealtyTrac 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
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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. 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. The government previously viewed the difference between the debt and the value of the home as taxable “income.”
www.foreclosurepulse.com - Tuesday, December 16, 2008
READ MORE
  • The Best from RealtyTrac MORE
  • 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. 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. The government previously viewed the difference between the debt and the value of the home as taxable “income.”
    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