President George Bush gave a Christmas present to all homeowners who have had debt forgiven on a mortgage due to a foreclosure, short sale, or deed in lieu of foreclosure. Formerly, homeowners who were involved in a short sale had to file a IRS form and report any debt forgiven by their lender as income and had to pay taxes on it. No more Read more here.
Another bill recently included the: Mortgage Insurance Tax Deductibility. This bill makes mortgage insurance premiums tax deductible for all mortgages originated for the next three years. Mortgage insurer Genworth Financial estimates that this tax break is worth $350 to the average taxpayer who has purchased a home with less than 20 percent down.
0 comments:
Post a Comment