Loans

Loan Modification Tax Effect

July 18, 2011

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Today TaxMama hears from Janet in the TaxQuips Forum with a quick question. “We have applied for a loan modification on our home.  Will that have any affect when we file taxes next year?  I’d ask the loan counselor, but they are impossible to reach.” Share this:

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Big Loan from IRA

July 6, 2011

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Today TaxMama hears from Kandi in the TaxQuips Forum with a personal opportunity. (Let me paraphrase the question.) “A friend wants to loan me money from his IRA, but is afraid of having to pay all the taxes when he draws the money out. Is there a way to do this and avoid the taxes?” [...]

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Helping Son Pay College Loans

May 24, 2011

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Today TaxMama hears from Jack in the TaxQuips Forum who is bursting with pride over his son. “We are in more of a position to help my graduating son financially than when he started 3.5 years ago. He’s very sharp with investments. So we’re looking for ways to develop these skills while building cash to [...]

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Investing Through A Friend

December 1, 2010

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Today TaxMama hears from Brent in the TaxQuips Forum, with an exciting opportunity. “I have been approached by a friend I trust (personally, not on the fine points of tax law) about investing in a pre-IPO stock of a foreign company that will be listed on a US exchange.  Two problems. First, I would invest [...]

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IRS Interest Rates

July 22, 2010

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Today TaxMama wants to talk to you about a two IRS interest rates that are important for you to understand. Join the forum discussion on this postShare this:

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Let’s Reward Our Health Care Professionals

June 18, 2010

Affordable Care Act Provides Expanded Tax Benefit to Health Professionals Working in Underserved Areas  WASHINGTON — As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that [...]

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Find Financing Opportunities on Business.gov

November 14, 2008

Despite the billions of dollars placed into the hands of banks so they could re-start the economy by providing life-giving loans to businesses – and to help potential homeowners…hardly any of that money has reached the people who need it. In the meantime, the SBA’ Business.gov site has launched a new Loans and Grants Search [...]

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Overseas Loan

September 3, 2008

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Today TaxMama hears from Camilla in Georgia who is concerned. “My sister is wiring money to me from oversea as a loan, so I can buy a house. Do I need to report it? And more importantly to pay tax on it?” Share this:

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Ameriquest Multistate Settlement Administrator

March 19, 2008

Today TaxMama hears from Marty in NJ who’s perplexed. “I got a 1099-MISC from Ameriquest Multistate Settlement Administrator with income in box 3, other income. Is this taxable? The settlement resolves allegations that Ameriquest failed to adequately disclose home loan terms, whether loans carried fixed or adjustable rates, inflated appraisals, charged excessive loan origination fees [...]

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