Taxes on Short Sale, Loan Modification & Mortgage Foreclosure 7 Nov08 Bankruptcy & Insolvency

Tax on 1099C, Cancellation of Debt Income; Short Sale, Loan Modification & Foreclosure. Exception; Mortgage Forgiveness Debt Relief Act, Bankruptcy & Insolvency. Go To RealEstateMarketingThisWeek.com Part 7 (Excerpt) Beware of grandiose claims when dealing with a loan modification firm. You know I am glad that were back, when we went to the break we were talking amongst ourselves about some of these concepts, I really want to bring this back down to the listeners. [more...]

Date: 2009-09-29 17:30:06

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IRS Tax levy, Tax Collection, Tax Lien, Foreclosure Debt Foregiveness Rules May Be Amended.

Los Angeles, California - IRS will be improving IRS tax procedures to protect victims of tax-related identity theft and expanding outreach and ... to assist identity theft victims. 3. Cancellation of Debt Income. When an individual or business ... to foreclosure or who default on car loans or credit card debts. Taxpayers may exclude the amount [more...]

Date: 2008-07-22 19:43:56

Old Debt Settlements Can Come Back to Haunt with Large Tax Bite

Q. I settled a debt in 2007 for less than owed, paying $15,000 on a $22,000 debt ... you for being so singled out)! Most of the time if you settle your debt with credit card companies ... as a result of cancellation of debt. The amount of forgiven debt will count as income. According to the IRS [more...]

Date: 2008-12-01 14:54:03

Taxpayer Advocate’s Recommendation: Go Easier on Taxpayers Experiencing Economic Hardship

Nina Olson, the National Taxpayer Advocate, has released her Annual Report to Congress (PDF) ... having difficulty paying their tax debts. 2. Simplify “Cancellation of Debt” Rules for Foreclosures Simplify the “cancellation of debt” minefield that many taxpayers who default on debts must navigate [more...]

Date: 2009-01-08 02:37:42

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