admin | January 3, 2010
The Home at Last Program Is a Mortgage Credit Certificate (MCC) program that provides a dollar-for-dollar federal income tax credit equal to 20% (for loans over $190,000) or 30% (for loans under $190,000) of the interest paid on a mortgage loan. This credit is given to the homebuyer every year as long as they live in the home. This tax credit will provide an estimated annual savings of $2,000 a year per household.
Category: Financing/Mortgage Topics, Tax Credits |
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Tags: Chase International, Home at Last, Homebuyer, loan limits, mortgage, Nevada, NV, Real Estate, reno, Rural Housing, Talayka, Tax Credit, www.sellingnorthernnv.com
admin | June 1, 2009
When the first lender carries out a foreclosure sale, the second mortgage lender may be able to take the following steps: Deficiency Judgment, civil judgment, bid for the property, charge-off
Category: Credit, Financing/Mortgage Topics, Short Sale & Foreclosures, Tax |
2 Comments »
Tags: Charge-off, civil judgment, Default, deficiency judgment, Foreclosure, mortgage
admin | April 20, 2009
If you have a debt canceled or forgiven, that amount may be taxable as income.
The Mortgage Debt Relief Act of 2007 allows taxpayers to exclude this amount as income if the discharge of debt was on their principal residence. This included debt reduced through mortgage restructuring, short sale, or mortgage debt forgiven in connection with a foreclosure.
The provision applies to debt forgiven between 2007 and 2012, on amounts up to $2 Million ($1 Million if married filing separately.
Category: Short Sale & Foreclosures, Tax |
6 Comments »
Tags: Cancelation of debt, debt forgiveness, Mortgage debt relief act, tax forgiveness
admin | April 13, 2009
One of the provisions of the Housing and Economic Recovery Act of 2008 was the First-Time Homebuyer Tax Credit. The Credit is designed to encourage first time buyers to go ahead and purchase their first home. The Credit amounts to 10% of the purchase price, and may be as much as $8,000.
Category: General, Tax |
3 Comments »
Tags: economic recovery, green + wired, Homebuyer, Real Estate, Tax Credit
admin | March 25, 2009
With lenders becoming more and more cautious about whom they loan money to, seller financing is becoming more desirable to both buyers and sellers. The buyer obviously benefits by being able to purchase a home they otherwise may not qualify for. However, it is the seller that really has the opportunity to reap the majority of the benefits from the transaction, including tax benefits.
Category: Capital Gains, Personal Financing |
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Tags: Capital Gains, Seller Financing, Tax
