Did you ever get the feeling that maybe you should rethink your position just before a deal is closed, then later regret not acting on the feeling? If you have, you experienced what people in sales refer to as a “moment of objective clarity.” You are referred to as a mook once you leave and your money is securely in their hands. A mook is a person who subconsciously knows that they are being taken for a ride but cannot pinpoint why and therefore sign the deal and leave happy on the outside and wondering on the inside. Being a … Read more at 2008 Taxes.
By Steve
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Posted in Debt Relief, tax credit, tax planning, Tax Preparation
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Also tagged Financial services, Home, Home equity, Loan, Money Management, Mortgage loan, Personal Finance, Reverse mortgage, turbotax
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Debt Forgiveness and Mortgages
If you had all or part of a mortgage forgiven during the last three tax years, you may be able to avoid paying taxes on the forgiven mortgage debt. A law passed in 2007 called the Mortgage Forgiveness Debt Relief Act allows otherwise taxable mortgage forgiveness to be tax free up to $2 million dollars.
Now if you file separately from your spouse, you can only claim half of the limit yourself. But joint filers can take the full $2 million. Restructure of mortgage debt is one case where you might need this tax benefit in … Read more at 2008 Taxes.
