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 …

John Stossel - Inconvenient Taxes Part 2 of 5

This April 15th, 2010 John Stossel Show on Fox Business Channel. The show was all about taxes. If there is one thing I took away from this show is that I have become a convert and if there should be any form of tax (necessary evil), I’d rather be it a Fair Tax. Judge for yourself.

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.

34. Taxes and Compounding - savingandinvesting.com

Compounding is one of the key forces when it comes to any saving and investing plan - but the reality is that paying, or not paying taxes, has a huge impact on what we compound to. And often we can save the taxes because governments want us to save for when we retire, or for when our incomes are lower.

JOHN RAMSEY: Turbo Tax Contest Submission

Thanks to Turbo Tax and all those that voted. I am thrilled to have won. Please take the time to check out my other videos, especially those at Ramsey Bros Pictures: www.youtube.com Subscribe if you are so inclined. Jokes written for Turbo Tax Stand Up Comedy Competition. Performed at Cap City Comedy Club on January 29th, 2008.

Penn & Teller Bullshit! - Taxes 1/3

Season 7, episode 7.

Marred By Taxes: G20 Conference

The tragedy of this G20 conference in Toronto is there really is no way to your get money’s worth out of it as a taxpayer.

Gazans decry tax increases

Residents of the Gaza Strip have been facing a new burden - a significant rise in taxes on a number of items ranging from gas to cigarettes. The taxes, which have been introduced by Hamas, the Palestinian group ruling the territory, have been increasing the strain on many business owners and shopkeepers. Al Jazeera’s Nicole Johnston reports on how some are questioning the legitimacy of the financial measures. [June 20, 2010]

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