mfdra: Tax Ramifications of Distressed Real Estate - A Novel Solution
- 07/13/11 09:12 PM
There is a plethora of misinformation and disinformation regarding many aspects of distressed real estate. I try to separate fact from fiction and I will address a lot of different issues in the coming weeks. Today, I am going to discuss some of the tax ramifications of distressed real estate. Most of us are familiar with the issue and many have a working knowledge of the Mortgage Forgiveness of Debt Relief Act and other IRS considerations. I will be discussing these in more detail later. Today, I wanted to discuss additional ways of receiving tax relief from the disposition of distressed … (5 comments)
mfdra: Here is Where it gets really Interesting....a review of In Re Veal
- 07/01/11 10:05 PM
Here is where it gets really interesting...a review of In Re Veal. I have written about the Bankruptcy Appellate Panel Decision in the matter of In re Veal. I have mentioned that two prominent tax attorneys reviewed it with me…we have made a VERY interesting and compelling argument. In a situation in which the borrower has an approved short sale, and receives a 1099 or 1098 from the lender that indicates a “forgiveness of debt issue”, there is a way to negate the tax ramifications (in addition to the provisions of the Internal Revenue Code (IRC) and the Mortgage Forgiveness Debt … (42 comments)
mfdra: Mortgage Forgiveness Debt Relief Act of 2007
- 02/23/11 08:17 PM
I have attempted to write a blog about this for a long time....for one thing, it is a long and difficult subject. It is also frequently misinterpreted and misunderstood. The MFDRA of 2007 was signed into law by President Bush (for whatever reason many seem to want to give credit to Obama for this...but it was 2007)!!! It was a response to the rapidly rising foreclosure crisis that was perceived to be the result of subprime loans. One interesting provision of the Act is that it does NOT exlcude from forgiveness of debt consideration HELOC or equity loans unless they … (2 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
There is a plethora of misinformation and disinformation regarding many aspects of distressed real estate. I try to separate fact from fiction and I will address a lot of different issues in the coming weeks.
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