irs

Guidance on New $6,500 Tax Credit for Repeat Home Buyers

If you have questions about the the $6,500 tax credit for repeat home buyers, the IRS has published guidance to help consumers better understand the requirements.  This Washington Post article gives an explanation of the credit and provides a link to the IRS for more information.  A little research led me to this IRS link [...]

irs

Mortgage Forgiveness Tax Relief Still in Effect

A law enacted in 2008 relieves homeowners from paying taxes on mortgage debt that as been relieved through mortgage workouts, short sales, etc.    This is in effect through 2012 and there is a specific for used to report this to the IRS.  Read the IRS bulletin regarding tax relief.