Tag Archives: Mortgage

Divorce and Residence

Today TaxMama hears from Joan in California, with this issue. “I owned a house with my ex. We bought it together in 1985; but I left and he stayed. Through a lengthy lawsuit costing me $25,000 the house was sold and I received $40,000. Once I left I never paid mortgage or upkeep. What is […]

Tax Debt While Buying Home

Today TaxMama hears from Monica in California with a problem. “My husband and I would like to buy our first home, since the local housing prices are currently at rock bottom. However, we owe approximately $20,000 between the IRS and Franchise Tax Board. We pay $200 a month to FTB and $300 a month to […]

Two Friends own House

Today TaxMama hears from Bill in New Jersey, with this story. “ I am living with my girlfriend. We both work and bought a house together in July of 2008. We can both use the mortgage interest write offs on our taxes. Is it possible to simply take the total interest we paid last year […]

Fiance and Homebuyers Credit

Today TaxMama hears from Jennifer in Alabama, who tells us, “I have never owned a home and will be purchasing one in June 2009. My fiance did own a home within the last year. To qualify for the $8k first-time homebuyer tax credit, will I have to carry the mortgage loan myself?”

Decedent 1099-C

Today TaxMama hears from Thomas in Maryland who tells us. “I was legally separated from my spouse 3 years ago. My spouse passed away 2 years ago. I just received a 1099-C tax statement addressed to her estate. Since I was legally separated, am I obligated to report the 1099-c amount on my taxes?”

Gifting a Mortgage

Today TaxMama hears from Lorraine in New Jersey with these questions. “My father is giving us the cash to pay off our mortgage. How does this effect our 2008 income? Is paying off the mortgage a deduction?? How does gifting apply?”

Condo Condolences

Today TaxMama hears from Melissa in Florida with this problem. “I paid a deposit and rate lock fee on a pre-construction condo on the Miami River in Oct 04. Closing is due in June 2008. I really cannot afford to buy this condo and make monthly mortgage payments. What is best? If I do not […]

Congress and their Foreclosure Fiasco – TaxMama’s Economic Idiot Award

TaxMama’s Economic Idiot Award goes the 58 Senators who voted for this plan. Speaking of wasting money. Did you follow the Congressional debates on the foreclosure crisis? [See links in Resource Box below.] What a total disappointment! Congress nixed the authority for bankruptcy judges to revise interest rates and principal on existing loans – so […]

Assessor vs FMV

Today TaxMama hears from Tim in California with this issue, “Can we use fair market value (FMV) to determine land valuation, leaving the rest of the purchase price as the value of the new rental house, for depreciation purposes? The assessor’s ratio usually isn’t in our best interest.”

Foreclosure

Today TaxMama hears from Sasha in Georgia who tells us. “In 2007, I had a foreclosure on my condo in April. In August I filed for Chapter 7 bankruptcy. I received my discharge in December. This year, I received a form 1099-A from my mortgage company. I’m not sure if I have to declare this […]

Mortgage and Taxes

Today TaxMama hears from Sally in Pennsylvania who has this question. “My daughter and her husband live in my home in western NY. They pay the mortgage, taxes and insurance. Is there any legal way for them to claim a deduction for the interest and taxes?”