Josh Talayka | April 20, 2009
If you have a debt canceled or forgiven, that amount may be taxable as income.
The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude this amount as income if the discharge of debt was on their principal residence. This included debt reduced through mortgage restructuring, short sale, or mortgage debt forgiven in connection with a foreclosure.
The provision applies to debt forgiven between 2007 and 2012, on amounts up to $2 Million ($1 Million if married filing separately.
Category: Short Sale & Foreclosures, Tax |
14 Comments »
Tags: Cancelation of debt, debt forgiveness, Mortgage debt relief act, tax forgiveness
Josh Talayka | April 13, 2009
One of the provisions of the Housing and Economic Recovery Act of 2008 was the First-Time Homebuyer Tax Credit. The Credit is designed to encourage first time buyers to go ahead and purchase their first home. The Credit amounts to 10% of the purchase price, and may be as much as $8,000.
Category: General, Tax |
3 Comments »
Tags: economic recovery, green + wired, Homebuyer, Real Estate, Tax Credit
Josh Talayka | April 6, 2009
Both UCLA and UCSB predict California’s unemployment rate will continue to soar and remain in the double digits until at least 2012. Both universities also had poor predictions for California’s retail spending, income, and future home prices.
Category: General, Market Data |
4 Comments »
Tags: California, UCLA, UCSB, unemployment rate
