The new numbers on new foreclosures are out and they are not good. Compared to last years numbers, foreclosures are up 65%. Nationwide over 240,000 households received at least one foreclosure filing. This is up from just over 147,000 as compared to last years numbers. This is according to Realty Trac. The hardest hit states for foreclosure are Nevada, Arizona, California and Florida.
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Showing posts with label taxable event on a foreclosure. Show all posts
Showing posts with label taxable event on a foreclosure. Show all posts
Wednesday, May 14, 2008
Thursday, March 13, 2008
Foreclosure Forgiveness and Deficiency Judgements for primary residences
If you own a primary residence and are facing a foreclosure, you will not be issued a 1099 for a taxable event once the property forecloses. The tax laws were recently changed regarding this matter. This law does not apply for second homes or investment property. If you foreclose on a second home or rental property, you will have a deficiency judgment to contend with as well as a taxable event for your personal income tax.
If you are facing a foreclosure on a primary residence, this is probably the best time to do it. Not that facing a foreclosure is a fun thing to deal with, but in terms of the tax laws it has never been a better time to do it. You can get a clean start and not have to worry about a taxable event to pay for.
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If you are facing a foreclosure on a primary residence, this is probably the best time to do it. Not that facing a foreclosure is a fun thing to deal with, but in terms of the tax laws it has never been a better time to do it. You can get a clean start and not have to worry about a taxable event to pay for.
Additional Articles
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