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Tax Fact 6-Cancelled Debt From a Refinance Can Be Taxable Income

3/15/2010 3:39 PM

In explaining tax on mortgage debt forgiveness, the IRS stresses, as tax fact number 6, that proceeds of refinance debt used for purposes, other than buying, building, or making a substantial improvement in the principle residence, do not qualify for exclusion from income if the debt is cancelled. This can be important. Many lenders req...Read More

Tax Fact 5-Refinance Debt for Improvements is Excludable

3/14/2010 3:24 PM

IRS tax fact number 5 tells us that refinanced debt proceeds used for the purpose of substantially improving your personal residence qualify for exclusion from income if the debt is later is cancelled. In other words, if you re-finance your principal residence home mortgage and use the excess funds (the portion not used to pay [...] Related...Read More

Tax Fact 4-Only Certain Mortgage Debt Qualifies For Exclusion

3/13/2010 5:55 PM

Mortgage debt forgiveness is considered to be income unless it is excluded. Principal residence debt has its own exclusion from income if it is cancelled or forgiven by the lender. To “qualify” it must be what is defined by the Internal Revenue Service as “qualified principal residence debt”. The debt must have been used to [...] ...Read More

Tax Fact 3-Debt Cancelled through Mortgage Restructuring is Eligible

3/12/2010 5:53 PM

The IRS, in listing ten important facts about mortgage debt forgiveness, points out that debt on a principal residence that is cancelled by restructuring the loan in cooperation with the lender can exclude it from taxable income. Subject to the two million dollar limit on the Mortgage Forgiveness Debt Relief Act of 2007, a write [...] Relat...Read More

Tax Fact 2-Mortgage Debt Forgiveness Exclusion Financial Limits

3/11/2010 5:46 PM

In order to qualify for full exclusion from income when debt is cancelled on the taxpayer’s principal residence, the amount of debt cancelled cannot be more than two million dollars for a married couple or individual; or if an individual is married but filing a separate return, the debt cancelled cannot be more than one [...] Related posts:

Tax Fact 1-The Mortgage Forgiveness Debt Relief Act of 2007

3/10/2010 7:19 PM

The IRS wants taxpayers to know about the Mortgage Forgiveness Debt Relief Act of 2007. In the waning weeks of 2007, Congress passed and President Bush signed into law this remedial legislation. Initially limited to tax years 2007, 2008 and 2009, the law was intended to prevent debt cancellation tax for unfortunate home owners who [...]...Read More

Ten Tax Facts About Mortgage Forgiveness

3/9/2010 12:46 PM

Home foreclosure numbers are growing despite (inadequate) government efforts to stem the tide. Due to falling prices and a floundering economy more homes are likely to be lost in the future. The Mortgage Forgiveness Debt Relief Act of 2007 provides some relief from possible tax liability associated with foreclosure. With this in ...Read More

MERS Note Assignments

3/2/2010 4:37 PM

An investigation into a foreclosure defense will include tracing the rights to a mortgage and its underlying promissory note. MERS is very careful to only execute assignments of mortgages and not of notes. I’ve never seen it assign a note, and I’m reliably informed that MERS’ bylaws prohibit it from owning rights ...Read More

Congressional Oversight Panel: Still Failing

2/28/2010 10:16 PM

The December report of the Congressional Oversight Panel comes as no surprise to consumers and their attorneys; TARP may have prevented a bigger financial crisis for the United States but it has failed to stem the foreclosure crisis Related posts:

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