Fredrick James-Educating the Masses to Help You Save On Taxes

Personal & Business Tax, Accounting & Financial Tips

Posts Tagged ‘foreclosure’

So You Thought Your Home Foreclosure Was the End of Your Troubles, Huh? ( Part 1)

July 15th, 2009 |

Author: Fred Daus

With unemployment rates Nationwide reaching 9.7% in June 2009, and here in Tampa bay area topping the charts this month at 10.4%, in combination with a dismal housing market many homeowners are facing the grim reality of being stuck between the proverbial rock and a hard place; sell at a loss or default on your loan. Unfortunately, even in these situations there are tax issues that can haunt you down the road…just when you think you’ve gotten through the toughest part of your ordeal.

Obviously this isn’t going to be the sunniest blog I’ve posted, but my hope is that readers can use the knowledge I’m sharing to empower themselves; an important step toward starting the financial and emotional recovery process.

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Posted in Personal Finance, taxes |

Tags: 1099-C, canceled debts, debt write-off, distressed homeowner, economic crisis, economic downturn, foreclosed home, foreclosure, home foreclosure, income tax exclusion, tax, tax law, tax relief for homeowners, tax return, taxable income |

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