If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about mortgage debt forgiveness.
1. Normally, debt forgiveness results in taxable income. However, under [...]
Claiming the First-Time Homebuyer Tax Credit on your 2009 tax return might mean a larger refund but it can seem complex. Here are five tips to clarify the documentation requirements:
Settlement Statement: Purchasers of conventional homes must attach a copy of the Form HUD-1 or other properly executed Settlement Statement;
Properly Executed Settlement Statement: Generally, a properly executed [...]
As we enter the second year of widespread foreclosures and short sales in Clark County, we are just starting to figure out how the banks will behave. Many are unaware that they can take proactive steps to minimize both the possibility and effects of when lenders pursue a deficiency action.
As always, the best defense is [...]
Columbus Accountant and Realtor Plead Guilty to Mortgage Fraud & Obstruction of Justice Conspiracies
Dennis G. Sartain of Hilliard, Ohio; and Bonnie Helt, of Columbus, Ohio, pleaded guilty on January 21, 2010, to conspiring to commit mortgage fraud, money laundering and obstruction of justice. In a press release, the Justice Department and Internal Revenue Service (IRS) announced that Sartain, the accountant for co-defendant Thomas Parenteau, pleaded guilty to one [...]
Don’t forget your end-of-year financial planning to extend your holiday cheer into tax season. Carter Investment Services provides some excellent advice for you to consider as you plan for April 15. Click here for more information.
Recently, Senators agreed to extend the first time homebuyers tax credit and offer a reduced credit to some repeat homebuyers. The tax credit provides up to $8,000 to first-time homebuyers and was set to expire at the end of November. Senators agreed to extend the existing tax credit for first-time homebuyers and offer a reduced [...]
A bankruptcy court in Pennsylvania recently ruled on an issue that has been a frequent source of confusion to those working with short sales.
The issue is whether a 1099-C issued by a lender to a borrower automatically relieves the borrower of liability for the debt. In other words, is a creditor prevented from pursuing collection [...]
Recently we were asked if a single-member limited liability company (LLC) has to get a new EIN after it hired an employee. Again we provide the typical lawyer’s answer, which is “it depends.” The Internal Revenue Service (IRS) rules regarding this situation are as follows:
Single Member LLCs with Employees. For wages paid on or after [...]
A client recently changed the name of their business and asked whether they must obtain a new Employer Identification Number (EIN) from the Internal Revenue Service (IRS).
First, check whether your type of entity needs a new EIN if it changes its name.
If a new EIN is not necessary, then the business must change its business [...]
The Pending Home Sales Index (PHSI) is an index created by the National Association of Realtors (“NAR”) to measure housing contract activity, which is released the first week of each month. PHSI analyzes the relationship between existing home sale contracts and transaction closings over the last four years. As of September 2009, contract activity for pending [...]
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