Comments on: The Mortgage Forgiveness Debt Relief Act http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/ Real Estate Consumer News is a one stop source for consumers to get the information they want and need concerning real estate Thu, 08 Mar 2012 06:40:31 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Kimunti http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-7638 Kimunti Sun, 20 Feb 2011 13:57:32 +0000 http://realestateconsumernews.com/?p=617#comment-7638 Thank you for the publish, i liked reading through it. I don't agree with it all but it was a good publish. Thank you for the publish, i liked reading through it. I don’t agree with it all but it was a good publish.

]]> By: Dennis Norman http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-5478 Dennis Norman Wed, 20 Oct 2010 14:35:44 +0000 http://realestateconsumernews.com/?p=617#comment-5478 Sam, Your situation sounds like a tough one...Here is a link to the IRS's current publication on mortgage forgiveness...you will need to go over this thoroughly to see if you meet the requirements for forgiveness... http://www.irs.gov/pub/irs-pdf/p4681.pdf Not surprising since it is from the IRS...it's confusing...you will probably need the help of a tax professional to be sure.. Good luck Dennis Sam, Your situation sounds like a tough one…Here is a link to the IRS’s current publication on mortgage forgiveness…you will need to go over this thoroughly to see if you meet the requirements for forgiveness…
http://www.irs.gov/pub/irs-pdf/p4681.pdf

Not surprising since it is from the IRS…it’s confusing…you will probably need the help of a tax professional to be sure..
Good luck
Dennis

]]> By: Sam http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-5079 Sam Thu, 07 Oct 2010 03:52:06 +0000 http://realestateconsumernews.com/?p=617#comment-5079 I own a house in FL. Because of a job loss in FL I had to move for another job in IL since 1.5 year (Apr 2009). My home has been on a short sale for 1.5 year. I stopped paying for my lender for the house in FL almost 2 years now. I'm renting now in IL. The loan in FL is under my name only. I file jointly with my spouse to IRS. We are looking to buy a condo to start with in IL so we avoid paying the rent. We are looking to make the ownership to my spouse only. I want to make sure that when the short sale transaction happens in FL, I will be still eligible for debt forgiveness. Since many conditions apply, I would like to know what shall I do to avoid having the deficiency value recorded as an income to me. Thanks for the help. Sam I own a house in FL. Because of a job loss in FL I had to move for another
job in IL since 1.5 year (Apr 2009). My home has been on a short sale for 1.5 year.
I stopped paying for my lender for the house in FL almost 2 years now.
I’m renting now in IL. The loan in FL is under my name only.
I file jointly with my spouse to IRS.
We are looking to buy a condo to start with in IL so we avoid paying the rent.
We are looking to make the ownership to my spouse only.
I want to make sure that when the short sale transaction happens in FL,
I will be still eligible for debt forgiveness. Since many conditions apply,
I would like to know what shall I do to avoid having the deficiency value recorded
as an income to me.
Thanks for the help.

Sam

]]> By: California REALTORS Push Legislation To Extend Anti-Deficiency Protection for Homeowners | Real Estate Consumer News http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-3018 California REALTORS Push Legislation To Extend Anti-Deficiency Protection for Homeowners | Real Estate Consumer News Sun, 23 May 2010 01:30:00 +0000 http://realestateconsumernews.com/?p=617#comment-3018 [...] typically marches to the beat of it’s own drum, as I discovered last year when I did a post on the Mortgage Forgiveness Act only to find out that the State of California was not following suit, as most states were, and [...] [...] typically marches to the beat of it’s own drum, as I discovered last year when I did a post on the Mortgage Forgiveness Act only to find out that the State of California was not following suit, as most states were, and [...]

]]> By: California REALTORS Push Legislation To Extend Anti-Deficiency Protection for Homeowners | Real Estate Industry News http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-3017 California REALTORS Push Legislation To Extend Anti-Deficiency Protection for Homeowners | Real Estate Industry News Sun, 23 May 2010 01:29:24 +0000 http://realestateconsumernews.com/?p=617#comment-3017 [...] typically marches to the beat of it’s own drum, as I discovered last year when I did a post on the Mortgage Forgiveness Act only to find out that the State of California was not following suit, as most states were, and [...] [...] typically marches to the beat of it’s own drum, as I discovered last year when I did a post on the Mortgage Forgiveness Act only to find out that the State of California was not following suit, as most states were, and [...]

]]> By: mig http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-2764 mig Tue, 13 Apr 2010 18:44:30 +0000 http://realestateconsumernews.com/?p=617#comment-2764 TT News on the subject: http://turbotax.intuit.com/support/kb/state-taxes/state-issues/8216.html TT News on the subject:
http://turbotax.intuit.com/support/kb/state-taxes/state-issues/8216.html

]]> By: BusyMom http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-2763 BusyMom Tue, 13 Apr 2010 18:02:46 +0000 http://realestateconsumernews.com/?p=617#comment-2763 Does anyone know if Turbo Tax is updated yet for California? SB 401 was signed so the 1099-C should be a non-issue, but it needs to be updated on the software. Does anyone know if Turbo Tax is updated yet for California?
SB 401 was signed so the 1099-C should be a non-issue, but it needs to be updated on the software.

]]> By: Phil http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-2758 Phil Tue, 13 Apr 2010 01:45:19 +0000 http://realestateconsumernews.com/?p=617#comment-2758 Looks like it is official!! Hopefully turbo-tax will recognize it soon. http://www.sfgate.com/cgi-bin/blogs/nov05election/detail?entry_id=61145 Looks like it is official!! Hopefully turbo-tax will recognize it soon. http://www.sfgate.com/cgi-bin/blogs/nov05election/detail?entry_id=61145

]]> By: Art http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-2748 Art Mon, 12 Apr 2010 16:35:14 +0000 http://realestateconsumernews.com/?p=617#comment-2748 FYI... The Franchise Tax Board says: “Once the governor signs this into law, California taxpayers will not have to do anything. If they qualify for federal relief on the mortgage debt forgiven, then they will also qualify for state income tax purposes. California Form 540 starts with federal adjusted gross income so there will be no adjustment necessary to properly reflect the state adjusted gross income amount for this issue.” When will it be signed? FYI…

The Franchise Tax Board says: “Once the governor signs this into law, California taxpayers will not have to do anything. If they qualify for federal relief on the mortgage debt forgiven, then they will also qualify for state income tax purposes. California Form 540 starts with federal adjusted gross income so there will be no adjustment necessary to properly reflect the state adjusted gross income amount for this issue.”

When will it be signed?

]]> By: Nerses http://realestateconsumernews.com/foreclosures/the-mortgage-forgiveness-debt-relief-act/comment-page-3/#comment-2732 Nerses Fri, 09 Apr 2010 17:28:50 +0000 http://realestateconsumernews.com/?p=617#comment-2732 Nice work! Nice work!

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