Posts tagged "Income taxes"

Short Sale Tax Relief For 2014 Just In The Nick Of Time

Short Sale Tax Relief For 2014 Just In The Nick Of Time
As I pointed out in November, the income tax laws essentially dictate that short sellers pay income tax on phantom income when they sell their home: 4 Really Crazy Homeowner Tax Laws. As you might imagine paying a short sale tax would be devastating for someone who just lost their home along with their down... Read more »

Mortgage Forgiveness Debt Relief Act Saved In Fiscal Cliff Deal

Mortgage Forgiveness Debt Relief Act Saved In Fiscal Cliff Deal
Best I can tell the Mortgage Forgiveness Debt Relief Act, which prevents underwater homeowners from having to pay income tax on the phantom income generated when their mortgage lender forgives a portion of their mortgage, was extended as part of the fiscal cliff deal that was approved by the house of representatives last night. Originally,... Read more »

Mortgage Forgiveness Debt Relief Act Not Likely To Fall Off Fiscal Cliff

Mortgage Forgiveness Debt Relief Act Not Likely To Fall Off Fiscal Cliff
Back in September I warned about the impending doom awaiting unsuspecting short sellers if they didn’t complete their short sales by the end of the year because the Mortgage Forgiveness Debt Relief Act is set to expire at the end of the year along with many other tax preferences. It’s all part of the fiscal... Read more »
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    After 20 years in the corporate world and running an Internet company, Gary started Lucid Realty with his partner, Sari. The company provides full service, while discounting commissions for sellers and giving buyers rebates.

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