Josh Talayka | February 25, 2011
When a property is sold as a short sale or lost to foreclosure, it is treated as a sale or exchange from which you may realize a gain or loss. The amount of debt that is forgiven is seen as a gain since this is an amount you will no longer have to pay in the future. Except in cases of a gift or bequest, you must include cancelled amount of debt which you are personally liable for as income. However, all or a portion of this canceled debt may be excluded as income under the following exclusion classes:
Category: Short Sale & Foreclosures, Tax |
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Tags: Bankruptcy, cancelled debt, Chase International, debt forgiveness, FMV, Foreclosure, Insolvency, Nevada, NV, Principal Residence Indebtedness, Real Estate, Real Property Business Indebtedness, reno, short sale, Talayka, Tax implications, www.sellinghomesinreno.com, www.sellingnorthernnv.com
Josh Talayka | January 3, 2010
The Home at Last Program Is a Mortgage Credit Certificate (MCC) program that provides a dollar-for-dollar federal income tax credit equal to 20% (for loans over $190,000) or 30% (for loans under $190,000) of the interest paid on a mortgage loan. This credit is given to the homebuyer every year as long as they live in the home. This tax credit will provide an estimated annual savings of $2,000 a year per household.
Category: Financing/Mortgage Topics, Tax Credits |
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Tags: Chase International, Home at Last, Homebuyer, loan limits, mortgage, Nevada, NV, Real Estate, reno, Rural Housing, Talayka, Tax Credit, www.sellingnorthernnv.com
Josh Talayka | June 1, 2009
When the first lender carries out a foreclosure sale, the second mortgage lender may be able to take the following steps: Deficiency Judgment, civil judgment, bid for the property, charge-off
Category: Credit, Financing/Mortgage Topics, Short Sale & Foreclosures, Tax |
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Tags: Charge-off, civil judgment, Default, deficiency judgment, Foreclosure, mortgage
