Income Tax
Do I Need to Pay Taxes on My Loan Modification?
Want to know if you need to pay taxes on a loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. …
Tax Implications of Transferring Home Ownership
When transferring home ownershipOwnership is the absolute right to use, enjoy, and dispose of property. You own it!, be aware of the tax implications that could cost you a lot of money. Q: My brother wants to transfer ownership of …
Short Sale vs. Deed in Lieu of Foreclosure: Which is Faster?
To speed a closing with the bank before the end of 2012, you need to talk with your bank to decide what is faster: a short sale or deed in lieu of foreclosureForeclosure is the legal action taken to extinguish …
Short Sales and Deficiency Judgments: What You Need to Know
Selling your home in a short sale is better than going into foreclosureForeclosure is the legal action taken to extinguish a home owner’s right and interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest …
Short Sales and Their Lingering Tax Implications
Short sales are the only options for many homeowners, but its tax implications continue to affect the housing market. There is very little that makes short sellers happy these days. But we recently heard from one who finally at least …
Gifting a House to a Relative
Gifting a house to a relative will affect your income tax and real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. property taxProperty Tax is a tax levied by a county or local …
How Do I Calculate Property Cost Basis?
When calculating your property cost basis, it is recommended you speak with an accountant to correctly determine the purchase price between the land and home. Q: We purchased a single 22-acre parcel in late 2004. In order to refinance this …
How to File Taxes For Previous Years
If you’re looking to file taxes for previous years, the good news is that you may still get refunds from the IRS. Q: I’m trying to get pointed in the right direction. I was in a motorcycle accident back in …
Tax Audit: Saving Paperwork
Q: How many years should you keep your income tax returns in case of an audit? A: You should keep your tax returns a minimum of 7 years. The IRS can come back and audit you for any reason up …
Short Sale Income and IRS form 1099-C
Sell a home in a short sale. You may have to pay taxes on the sale even if you lost money and may receive an IRS form 1099c Q: I formerly financed a property in Denver, Colorado that successfully underwent …
