Blog Archives

3 Reasons You Likely Won’t Pay Income Taxes When You Sell Your Home

1) You Don’t Have a Capital Gain   Due to the housing market, many homeowners no longer have a gain in their home. A gain is the sales price minus the cost basis. The cost basis is generally the purchase


Tagged with: , , , , , , , , , , , , , ,

When is Cancelled or Forgiven Debt Taxable?

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. This type of debt includes mortgages, credit cards, car loans and student loans. Lenders are required to send Form


Tagged with: , , , , , , , , , ,

Rental Property Owners Get Relief from 1099 Reporting Requirements

Originally under the Small Business Jobs Act, those who received rental income from real estate were going to be considered, to be engaged in a business, and were going to be subject to the requirements to issue 1099 information returns. 


Tagged with: , , , , , , , , , , , , , , , ,

The Last Mortgage Refinance

What direction do you think interest rates are headed in? Homeowners have ridden the variable interest rate mortgage ride for all it’s worth. The prime rate hit 20% in 1980.  Since then interest rates have been in a long and


Tagged with: , , , , , , , , , , , , , , , , , ,