Tax Debt Help – Ways to Prevent Foreclosure
The real estate market is an area that I have never completely understood except for the tax implications. But there is a lady who can give you the “411″ on any aspect of real estate and that is Elizabeth Weintraub, financial writer for About.com . Elizabeth has written a very in depth article on all the ways you can prevent foreclosures. This article opened my eyes to alot of things that I didn’t know. The article was so good that I want to present it here to you and to also give you a link to where you can subscribe to her newsletter.
This is well worth the read. The following is her latest article on the foreclosure process:
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
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