Californians Who Short Sell Won’t Face State Tax Penalty
State Board of Equalization member George Runner has announced that the California Franchise Tax Board will follow the lead of the Internal Revenue Service and not impose a tax penalty on Californians who have sold their home via a short sale. In a written response sent to Runner this week, Franchise Tax Board Chief Counsel Jozel Brunett stated, “Since California conforms to the relevant ... Read News
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Alternative Minimum Tax - Understanding The AMT
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Lawmakers Want Forgiven Debt To Be Tax-Free
Federal legislators are working on a proposal that would exclude from taxes debt that is forgiven following mortgage foreclosure or Mortgage Forgiveness Debt Relief Act of 2007, was approved in early October in a bipartisan 386-to-27 vote. ... Visit Document
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Mortgage Workouts, Now Tax-Free For Many Homeowners; Claim ...
WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax return, according to the Internal Revenue Service. ... View Doc
Mortgage Workouts, Now Tax-Free For Many Homeowners; Claim ...
Updated with FAQs at bottom — Feb. 28, 2008. IR-2008-17, Feb. 12, 2008. WASHINGTON — Homeowners whose mortgage debt was partly or entirely forgiven during 2007 may be able to claim special tax relief by filling out newly-revised Form 982 and attaching it to their 2007 federal income tax ... Read Document
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The Mortgage Forgiveness Debt Relief Act is set to expire and your elected representatives aren't doing squat to help you. The original bill was drafted by Charles Ranger, a democrat from NY back in 2007. This exemption has been designed to help troubled homeowners Short Sale their ... View Video
Mortgage Workouts, Now Tax-Free For Many Homeowners; Claim ...
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Credit counseling (known in the United Kingdom as debt counseling) is a process that involves offering education to consumers about how to avoid incurring debts that cannot be repaid through establishing an effective Debt Management Plan and Budget. Credit counseling is usually less typified by ... Read Article
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Fresno And Visalia Welcome New Real Estate Leaders
The Fresno and Visalia real estate associations are celebrating the Christmas holiday and kicking off the new year with the installation of their 2014 leadership teams. ... Read News
Mortgage Forgiveness Debt R
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IRS And California Franchise Tax Board Declare California Distressed Home Sellers Not Liable For Federal Or State ...
LOS ANGELES--(BUSINESS WIRE)--The CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) announced today it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never ... Read News
Attach it to your Federal Income Tax return for the tax year in which the qualified loan debt before the Mortgage Forgiveness Debt Relief Act of 2007 expires at the end of 2012. McGrath & Spielberger, PLLC provides assistance to those involved in mortgage ... Visit Document
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Tax Relief Act
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Ten Facts For Mortgage Debt Forgiveness
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IRS Tax Tip 2012-39: Mortgage Debt Forgiveness: 10 Key Points
Under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. ... Read Document
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