Tax Debt Help – Relief for Foreclosures
Tax Relief for Foreclosures
People who have lost their homes through foreclosure or who have restructured their mortgage loans may qualify for tax relief. Normally, debts that are canceled by a lender are considered taxable income. But a change in the tax law makes mortgages on a main home exempt from the tax on canceled debts.
Related information:
- How to Stop Foreclosures [About Home Buying]
- Home Sellers Might Owe the IRS on a Foreclosure or Short Sale [About Home Buying]
- New IRS tax form helps homeowners with mortgage relief [Accounting Web]
A special thanks goes to Wm. Perez, Financial Advisor for About.com for the great information and links.
S. Raines, Sr. Financial Advisor/Tax Preparer
Tax Help – You Must File for 2007 to Get 2008 Tax Rebate!
William Perez, Tax Advisor for About.com has some great information on the stimulus package and some very valuable links for more detailed information. This is must read information for those who have been thoroughly confused over how the package will work.President Bush signed into law the Economic Stimulus Act, the legislation that provides taxpayers with a mid-year tax rebate. And the Internal Revenue Service has outlined its plans for how to process and to distribute those rebates.The basic plan is that taxpayers will need to file their 2007 tax returns before they can receive their rebate checks. Even though the rebates are technically for 2008, the IRS will calculate the rebates using income information from the 2007 return. Read the rest of this entry »
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