January 8, 2013
American Taxpayer Relief Act of 2012 On January 1st, 2013 the U.S. Senate overwhelmingly passed legislation to avoid the so-called “Fiscal Cliff” by a vote of 89-8. The bill, referred to as the American Taxpayer Relief Act of 2012, avoided draconian sunset tax provisions that were scheduled to take effect after 2012 under the Bush-era tax […]
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February 7, 2012
As tax season approaches, and more importantly, the expiration of the Mortgage Debt Relief Act of 2007, it is important to review the tax consequences following a short sale. In general, the IRS will treat any canceled debt, such as forgiveness of a mortgage loan, as taxable income. Thus, if you live in a recourse […]
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