If your mortgage debt is partially or entirely forgiven during tax years 2007 through 2012 due to short sale or foreclosure, 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 due to short sale or foreclosure. 1. Normally, debt forgiveness due to short sale or foreclosure results in taxable income. However, under the … (9 comments)
foreclosures: 3 Tips for Purchasing Real Estate Investment Property in the Current Market
- 10/29/09 11:20 AM
Foreclosures and REO’s are bringing many investors out of the woodwork - and some of the new investors who are novices are making many mistakes in selecting and purchasing of undervalued residential real estate. RealtyTimes published an article that discusses a situation where a novice investor purchased a property and outsourced property management to a property manager. The property had lots of defects and improving the property to get it ready for rental proved expensive for this investor. The investor was blaming the property manager for the expenses. Before becoming a Do-It-Yourself or absentee landlord, the 3 tips that investors should follow … (11 comments)
foreclosures: Tax Breaks Piling Up for California Home Buyers
- 02/23/09 10:09 AM
Thursday’s new California budget provides a $10,000 state tax credit to people who buy a new house soon. And the $787 billion stimulus bill signed Tuesday by President Obama gives an $8,000 federal tax credit to first-timers buying new or resale homes. So some home buyers this year can set themselves up for $18,000 off their taxes. Sound like a good down payment to me! It applies to new California houses or condos bought as primary residences between March 1, 2009, and March 1, 2010. – It’s for 5% of the purchase price or $10,000, whichever is lower. – The … (5 comments)
This is some great info that you can share with your clients, expecially those who have experienced short sales and foreclosures:
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