Tag Archives: Mortgage

Limits on Millionaires

Today TaxMama hears from George in the TaxQuips Forum, with an interesting question. George asks, “Has there been any further guidance on the IRS Memo # 200911007 (dated 11/24/2008; released 3/13/2009) relative to applying the $1 million limit per property as opposed to per taxpayer with respect to mortgage interest deductions?  This become a big […]

Mortgage Interest Paid

Today TaxMama hears from Christie who is facing an IRS audit. She says, “The IRS is saying I owe tons of money due to me not proving that my mortgage expense on my interest-only loan for the house I live in was indeed an interest expense. They say I have not proved that I paid […]

Time to Refinance

Today TaxMama hears from Al  Tompkins at Poynter.org . Al says, “I generally don’t get too excited about little movements in interest or mortgage rates, but they are moving into record-low territory. It could truly be worth considering refinancing if you are going to stay in your home awhile.”

Saving Your Homebuyer Credit

Today TaxMama hears from Kerry Tomlinson at KATU News in Portland, Oregon. Kerry tell us. “We heard from some viewers this morning about their experiences with the homebuyer tax credit. One woman says she was disqualified because she was deducting mortgage interest on an RV as a second home. She has fought it, providing documentation to […]

1099-A Abandoned Property

  Today TaxMama hears from Sylvia in the TaxQuips forum, with this terse question. “Box 2 $160,000 Box 4 $150,000. Adj Basis $210,000. Which Form (982)? and which lines to use.”

Loan on Two Homes

Today TaxMama hears from Jon in California, who has this plan. “I am going to refinance my current residence for $338,000. I will use $140,000 of that to pay off the existing mortgage. The remainder will be a down payment on my next house. The next house will be my primary residence; the current house […]

Lakefront Property

Today TaxMama hears from Carol in New York who tells us. “ I inherited lakefront property in 1999. I recently sold it for $60,000.00 and I am holding the mortgage with payments being made of $600.00/month. Do I have to report the sale; and how will taxes be calculated?”

Garage or Home

Today TaxMama hears from Carole in Washington State who tells us. “My brother, a 1st time real estate buyer, is considering the purchase of a property with a garage/shop on it (not a house). Would this purchase qualify for the $8,000.00 1st time buyer tax credit?”

Equitable Owner

Today TaxMama hears from Sean in North Carolina. “As I understand it you must be an owner and be liable to claim the home mortgage interest and property tax as deductions on schedule A. Now I hear you can be an equitable owner whose name is not on the mortgage and also whose name is […]

Investment Advice

Today TaxMama hears from Anne in Minnesota with this question. “With a $10,000 CD maturing, am I better off paying down the $40,000 mortgage on my condo; or to reinvest in some other vehicle? I am almost 70 years old and do not have much more than an additional few thousand dollars saved for whenever […]

Short Sales et al

Today TaxMama hears from Lori in Florida with a depressing question. “Can you please tell me where I would find more info on the tax implications from doing a short sale of primary residence? I have quite a few Florida clients that are doing this vs foreclosure. I know that it is cancelled debt, but […]

Foreclosure and Taxes

Today TaxMama hears from Margaret in California, who wants to know, “Do I avoid taxes on my properties if I let them foreclose vs. a short sale? I have pulled out equity to invest and improve my properties and now I am under water big time.”