Mortgage Debt Forgiveness
Published by the IRS If your mortgage debt is partly or entirely forgiven during tax years 2007 – 2012, you may be able to claim special tax relief and exclude the debt forgiveness income. Normally,...
View ArticleCanceled Debts, Foreclosures, Repossessions, and Abandonments
A summary of Publication 4681 By Stacie Clifford Kitts, CPA Generally Generally, if you have a debt (that is a debt that you are personally liable for) that is cancelled or forgiven, you must include...
View ArticleHome Foreclosure and Debt Cancellation
The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as...
View ArticleHas Your Mortgage Debt Been Forgiven? Here Are Some Things You Should Know
[Stacie says: Here are some helpful tips that are part of the Internal Revenue Service's Summer Tax Tips series. Definitely worth the read. For more information see also my blog Canceled Debts,...
View ArticleObama administration Kicks off Mortgage Modification Conversion Drive
[Stacie says: I didn't have time to write up the post I wanted for today. However, I did read this informative news release about modified mortgages. ] WASHINGTON – The U.S. Department of the Treasury...
View ArticleWatch Out Mortgage Debt Forgiveness Act is A Federal Provision. Does Your...
The facts listed below are good to know. However, it’s just as important to realize that the Mortgage Debt Forgiveness Act is a federal provision. If you are thinking that your mortgage debt...
View ArticleIRS Tax Tip 2013-31: Important Facts about Mortgage Debt Forgiveness
If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012....
View ArticleAMERICAN TAXPAYER RELIEF ACT-SUMMARY FOR KATHERMAN KITTS CLIENTS READING...
Yesterday, the President signed the American Taxpayer Relief Act, which was passed on New Year’s Day. Here is brief summary of selected portions of it, for your review. We can help answer any questions...
View ArticleIRS Announces Guidance on the Principal Reduction Alternative Offered in the...
IR-2013-8, Jan. 24, 2013 WASHINGTON — The Internal Revenue Service today announced guidance to borrowers, mortgage loan holders and loan servicers who are participating in the Principal Reduction...
View Article
More Pages to Explore .....