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Tag Archives: Mortgage Forgiveness Debt Relief Act

Can Our Old Home Qualify for Tax Forgiveness if We Rented it? – Kevin

IRS

“Dear Jim, Bought a house in 2006 as my primary residence for 185k. In 2009 we receieved an appraisal of the property for 90k from the county. In the middle of 2009, I had to take another job which required a move across the US. With no time to try to sell the house, I decided to rent it out ... Read More »

    Tax Will be Due on Forgiven Mortgage Debt Unless Congress Acts

    justball-144x125

    Thanks to a reader and tipster (send in your tips here) I was alerted to the following story about the soon to be ending tax forgiveness regulation for homeowners getting mortgage debt forgiveness. “In 2007, Congress enacted the Mortgage Forgiveness Debt Relief Act, which prevents homeowners from paying taxes when their mortgage debt is forgiven due to a decline in ... Read More »

      Mortgage Problems? Facing Foreclosure? Prepare to be Scammed.

      justball-144x125

      The millions of desperate homeowners who have found themselves upside down and at risk of losing their homes have created a fertile environment for scamsters. The scams on homeowners are varied and include audits and NPV tests, modification services, foreclosure rescue services, sell and lease-back schemes, and my personal favorite, mass joinder suits. Let’s start with NPV tests and mortgage ... Read More »

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