Tag Archives: Mortgage

Mortgage relief act goes to President

Spidell’s Flash E-mail #2007-35 Courtesy of Spidell Publishing – www.caltax.com H.R. 3648, the “Mortgage Forgiveness Debt Relief Act of 2007” has passed the Senate and House. The President is expected to sign the bill that will help some taxpayers caught up in the sub-prime mortgage disaster. It includes the following provisions: · Exclusion of up […]

Why Should I Care?

Today TaxMama hears from Julie who says “Why should I care about people who got messed up with subprime or ARM mortgages? Did they not know enough to read their contracts? I had a financial advisor back in 2004 who presented an adjustable rate based on the LIBOR Index. I told him to forget it […]

Ask Taxmama Issue 437 – Mortgage Relief

Special Web Section for Homeowners Who Lose Homes; Foreclosure Tax Relief Available to Many

Courtesy of IRS IR-2007-159, Sept. 17, 2007 [TaxMama note: This is a resource we requested from IRS at a Stakeholder meeting earlier this year. IRS put it together quickly, in view of all the sub-prime loan defaults. Incidentally, you will also find some simplistic formulae to help with your computations of the tax effects.] WASHINGTON […]

Negative Amortization

Today TaxMama hears from Ray in the Tax Parlor, who tells us. “Two friends and I own some rental homes. One of us says he can deduct not only the total interest paid on one of the properties, but also what he calls the “deferred interest.” In other words, the unpaid interest by which the […]

Mortgage for Business

Today TaxMama hears from Maggie in North Carolina who says, “I am new to this site courtesy of Wayne Davies. http://hop.clickbank.net/?taxmama/taxguide I have a small pottery business of over 30 yrs. Last year we took up our first ever mortgage to buy property for a gallery. Our home…where we work, was mortgaged to pay for […]

Closing Costs

Today TaxMama hears from Manny from the Tax Parlor has a question, “On the 1040, Schedule A, where do I put my closing costs?” ~~~~ Hi Manny Uh….nowhere. You can’t deduct your closing costs. However, some of the costs on the HUD statement that you may deduct include property taxes that were paid in escrow […]

Buying Hubby Out

Today TaxMama hears from Char in the Tax Parlor who tells us, ” I have a friend who got a divorce last year, 2006. He and his wife owned a house together. Rather than sell the house and split the profit of the sale, the wife chose to keep the house and buy her husband’s […]

Rising Property Taxes

Today TaxMama hears from Gerald in Kansas, who tells us. “I have talked to my mother-in-law and my wife about your advice on selling the house. We like the idea of refinancing the house rather than selling it and paying taxes the very large gain. And this will still leave my mother-in-law with a stream […]

Oops- Forgot My Mortgage

Today TaxMama hears from Al in Phoenix, AZ, who admits. “Last year I forgot to file one of my 1098 mortgage interest statements (OOPS!). Can I file it this year? If so, How?”

Pay What?!

Today Rod from SC has some money burning a hole in his pocket. “If you had $14,000 to pay some bills, which payment would provide the best tax advantage: Pay student your loans of $14,000; Pay car note of 14,000: Or put the total into your home mortgage of $60,000? Please explain your suggestion. My […]

Donating a Home

Today Shelly from Baltimore, MD tells us, “I work for a non-profit organization. Someone recently expressed an interest in donating their home to us to use for office space, IF they could work out a favorable result with the IRS. My question is: can you donate real estate as a charitable contribution like you can […]