If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!First time homebuyers represent a significant portion of single-family home sales. The American Recovery and Reinvestment Act of 2009 is intended to increase the impact of first-time homebuyers on both the real estate and home loan industries by making [...]
Did you know your mortgage insurance may be deductible? Under certain conditions, the Internal Revenue Service (IRS) reports that homeowners may deduct their mortgage insurance premiums when filing their federal tax returns.
Generally, mortgage insurance premiums paid to a government agency or program as well as private mortgage insurance (PMI) premiums connected to the purchase of [...]
The military in Iraq wasn’t the only thing surging in 2008. Mortgage fraud also reached a new high last year, according to the FraudBlogger Index. Federal investigators have identified an increase in frauds and schemes in the real estate business as well.
Mortgage fraud activity that might have otherwise gone undetected was uncovered as falling home [...]
The Internal Revenue Service (IRS) does not have a reputation for being a good guy. In the current crisis, however, the IRS has been one of the few government agencies taking action that actually helps the individual taxpayer. They have provided guidance on the Mortgage Debt Forgiveness Act and expedited the process for removing or [...]
The Internal Revenue Service (IRS) is giving struggling American homeowners a gift this holiday season. No, they aren’t canceling homeowners’ tax debt. They are, however, making it easier for distressed homeowners to avoid having a federal tax lien block the sale or refinancing of a home. They are also expediting the process for requesting a [...]
Congress gave some struggling homeowners a gift last December. On December 20, congress enacted the Mortgage Forgiveness Debt Relief Act of 2007 allowing homeowners whose mortgage debt has been partially or fully forgiven to claim special federal income tax relief.
Normally, debt forgiveness generates taxable income. Under the Mortgage Forgiveness Debt Relief Act, however, debt forgiven [...]
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