Gilbert Arizona Artemina Ten Facts for Mortgage Debt Forgiveness (edit/delete)

Ten Facts for Mortgage Debt Forgiveness

LIST YOUR HOME TODAY, regular sale, short sale, strategic default...OR TRADE YOUR HOME TODAY...IN THIS MARKET SELL FOR THE MOST MONEY!...we need your listing, very, very low inventory! REVERSE MORTGAGE TO PURCHASEYOUR NEXT HOME TODAY.

As real estate professionals we are constantly asked by home sellers what's going on with the Debt Forgiveness Relief Act that is sunsetting on Dec 31st 2012.  

Well if we believe in the mayan calender its all mute really :-). But without any major changes on the horizon sellers should look at the facts now, not at what might be happening when they decide to short sale their home.  With that in mind I wanted to shre these great tips and Ten Facts for Mortgage Debt Forgiveness.

IRS Tax Tip 2011-44,

If you are a homeowner whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income.

Here are 10 facts the IRS wants you to know about Mortgage Debt Forgiveness.

   1.  Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.

   2.  The limit is $1 million for a married person filing a separate return.

   3.  You may exclude debt reduced through mortgage restructuring, as well as mortgage debt forgiven in a foreclosure.

   4.  To qualify, the debt must have been used to buy, build or substantially improve your principal residence and be secured by that residence.

   5.  Refinanced debt proceeds used for the purpose of substantially improving your principal residence also qualify for the exclusion.

   6.  Proceeds of refinanced debt used for other purposes – for example, to pay off credit card debt – do not qualify for the exclusion.

   7.   If you qualify, claim the special exclusion by filling out Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness, and attach it to your federal income tax return for the tax year in which the qualified debt was forgiven.

   8.  Debt forgiven on second homes, rental property, business property, credit cards or car loans do not qualify for the tax relief provision. In some cases, however, other tax relief provisions – such as insolvency – may be applicable. IRS Form 982 provides more details about these provisions.

   9.  If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed.

   10.  Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.

                                                                                            
For more information about the Mortgage Forgiveness Debt Relief Act of 2007, visit http://www.irs.gov.  A good resource is IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments.

You can also use the Interactive Tax Assistant available on the IRS website to determine if the cancellation of debt is taxable. The ITA tool is a tax law resource that takes you through a series of questions and provides you with responses to tax law questions

Taxpayers may obtain copies of IRS publications and forms either by downloading them from http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

Thanks for stopping by nd reading and commenting on my blog: Ten Facts for Mortgage Debt Forgiveness

Gilbert Arizona Artemina Loans available for Purchase or Refinance (edit/delete)

The fantastic community of Artemina and its varied amenities, terrain, home styles and communities make it a fantastic melting pot for everyone.  With that brings a diverse need and a diverse selection of loan products to meet everyone's particular situation.

Buying a home in Artemina can be done using FHA Arizona financing  up to the purchase price of $358,000 and allows for as little as 3.5% down payment.

USDA Arizona Loans are not available in Artemina.

Conventional loans are typical utilized when buying over the FHA Arizona threshold and go up to $417,000.

Once above the $417,000 loan amount we enter into Jumbo financing which still in 2011 can be done with as little as 10% but this is a limited program so most consumers will need be prepared for a minimum of 20% down up to 2 million in purchase price.

For further information and help please visit awesomerates.com and meet Mark Taylor who has been ranked in the Top 200 National Producers for the last 5 years. His team will help you not just in procuring the loan but referring you to a local Artemina Agent, please call Nick Wilson, 602.292.1398, nickwilson@hsmove.com, www.NickWilsonAzRealtor.com who will give you the very best of service because of their community knowledge.

The Mortgage Forgiveness Debt Relief Act and Debt Cancellation...http://www.irs.gov/individuals/article/0,,id=179414,00.html

Gilbert Arizona Artemina Community Schools  (edit/delete)

Gilbert Arizona Artemina Community Schools (edit/delete)

For the potential buyer or reader of this I wanted to be your resource to help show you what is offered in Artemina community that I am so fond of, http://arteminaaz.com/artemina/outside_home.asp

From the center of Artemina any parent can find a myriad of school facilities to service all their child's needs.

Islands Elementary School...http://www.gilbertschools.net/Domain/40

Mesquite Jr. High School...http://www.gilbertschools.net/Domain/18

Mesquite High School...http://www.gilbertschools.net/Domain/13

Gilbert Unified District #41...http://gilbertschools.net/site/default.aspx?PageID=1

Elementary Boundry Map...http://gilbertschools.net/cms/lib3/AZ01001722/Centricity/Domain/84/GPSElemBound1112.pdf

Jr. High School Boundry Map...http://gilbertschools.net/cms/lib3/AZ01001722/Centricity/Domain/84/GPSJHSBound1112.pdf

High School Boundry Map...http://gilbertschools.net/cms/lib3/AZ01001722/Centricity/Domain/84/GPSHSBound1112.pdf