Tax on Short Sale, Loan Modification and Foreclosure - 1099c Cancellation of Debt Income

realestatemarketingthisweek.com - If facing financial issues make sure you hire qualified help, mortgage broker, financial planner, CPA and attorney - Part 8 - So with the real estate market, we know here in Arizona, there are literally hundreds of thousands, maybe millions of people that are confronted with a very difficult decision, declining home values, upside down in the home, the home value is worth much less than they actually owe, we need to give them options. If the option is foreclosure, short sale or loan modification, I would take the modification approach, most likely we would have to look at a person’s situation a little bit closely, but as I am going down some of the things that we have prepared for the show today, it looks like there are four main issues that people should know they need to consider, the cancellation of debt income, capital gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can talk to some of these things. But we brought up in the first segment what I think this might represent and then I think we started to talk about how Mike can help people minimize the impact of what that would look like on the tax return or eliminate based on the situation, so let’s make sure that the people know these four concerns are something they should consider as they seek advice. Absolutely, and it’s really important that you talk to each arm of the team. You’re not going to be able to make all of these decisions …

LeBron James In Miami Over Taxes? BS!

New TYT Facebook Page(!): www.facebook.com Subscribe to the FREE Video Podcast on iTunes: bit.ly Follow us on Twitter: twitter.com DISCOUNTS: www.theyoungturks.com FREE Movies(!): www.netflix.com Note: The above two links are for TYT sponsors. Read Ana’s blog and subscribe at: www.examiner.com TYT Network (new WTF?! channel): www.youtube.com Check Out TYT Interviews www.youtube.com Watch more at www.theyoungturks.com

President Obama’s Deferral Proposal: Hamstringing American Companies, Reducing American Jobs

President Obama’s proposal to severely restrict “deferral” will cause a significant tax increase on American companies trying to earn market share in other nations. For all intents and purposes, the White House plan is protectionism, but the target is American companies rather than their foreign rivals. This Center for Freedom and Prosperity Foundation video explains why this misguided policy will reduce exports from America and reduce jobs in America. For more information: www.freedomandprosperity.org

Taxes on Short Sale, Loan Modification and Foreclosure - 1099c Cancellation of Debt Income

realestatemarketingthisweek.com - 1099 C is for Cancellation of Debt Income Only, not for Interest Rate and Payment Reduction - Part 4 - So for people who find themselves in a very difficult situation considering these options whether it’s a loan modification or a short sale, whatever they need to do to relieve themselves of this particular burden of a mortgage, that for whatever reason they’re no longer able to maintain, they are not always considering the tax ramifications associated with taking a specific course of action, like this example the short sale option. Right there is actually two pieces of tax component here, you have the forgiveness of debt income that we talked about, they still have the fact that you sold your house and you have to see if there was a gain on that. Over and above the cost basis of the home. We talked about the 1099Cs a few moments ago, did you say that the lender sends a copy of the 1099C to the IRS? Absolutely. Now I’m the guy for a few minutes ago who bailed on 0000 and sold it for 0000 am I going to get a copy of the 1099C if I haven’t given my lender my new address. Well that could be a problem, they will send it to the last address they have on record for you. And as a homeowner it’s my problem. The IRS will get a copy, so they will look for it on your return, if you forget to put it on then you’re going to get a friendly notice from the IRS. If somebody is going to do a short sale, its a fairly civil transaction and when I say …

Cut Spending, Cut Taxes

First Trust Advisors’ Brian Wesbury on why America needs to guy spending and taxes to save the economy.

Penn & Teller Bullshit! - Taxes 1/3

Season 7, episode 7.

Six Reasons Why the Capital Gains Tax Should Be Abolished

The correct capital gains tax rate is zero because there should be no double taxation of income that is saved and invested. This is why all pro-growth tax reform plans, such as the flat tax and national sales tax, eliminate the capital gains tax. Unfortunately, the President wants to boost the official capital gains tax rate to 20 percent, and that is in addition to the higher tax rate on capital gains included in the government-run healthcare legislation. www.freedomandprosperity.org

Tax Freedom Day 2010 Rap

Canadians will celebrate Tax Freedom Day on June 5, 2010, three days later than in 2009. Tax Freedom Day is a clear and easy-to-understand representation of the amount of tax the average Canadian family must pay to all levels of government. If Canadians were required to pay all of their taxes up front, they would have to pay each and every dollar they earned to governments prior to Tax Freedom Day. To highlight the wide array of taxes imposed on Canadians and to celebrate Tax Freedom Day, the Fraser Institute has produced this new, humorous music video that asks the question: Is it too late in the year for Tax Freedom Day? Download the MP3: www.fraserinstitute.org

Shocking Truth About US Corporate Tax Rates

TYT Membership Raffle: tinyurl.com Vote for TYT Once A Day: vote.streamys.org (3/22/10 - 4/11/10) Read Ana’s blog here: www.examiner.com

PA Tax Amnesty Big Brother TV Ad — We Know Who You Are!!!!!

Government ad threatens people who choose not to pay the illegal income tax with big brother surveillance. Its just a shame the feds cant use such tactics against people like Timothy Geithner and the myriad of other insiders who routinely evade taxes. blogs.telegraph.co.uk

Next Page »