|
|
|
|
6223 N. Discovery Way,
Ste. 100
Boise, ID 83713
208-323-4000
208-323-0128 (fax)
|
|
 |
|
|
|
|
Tuesday, March 20, 2012
|
|
|
|
A lender will, on occasion, forgive some portion of a borrower?s debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule are available, but, until recently, the borrower was required to pay tax on the debt forgiven. A new law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. However, this relief expires on December 31, 2012 and NAR will be working to obtain an extension throughout the year.
Below is some general information you need to know about this law and cancellation of mortgage debt.
General Rule for Debt Forgiveness
If a lender forgives some or all of an individual?s debts, the general rule is that the forgiven amount is treated as ordinary income and the borrower must pay tax on the forgiven amount. Exceptions apply for bankruptcy, insolvency and certain other situations, including mortgage debt.
Current ...
|
| Posted by dawnmitchell at 10:21 AM |
|
|
Friday, March 16, 2012
|
|
|
|
Foreclosure or short sale. Canceled debt is normally taxable to you, but there are exceptions. One of those exceptions is available to home owners whose mortgage debt is partly or entirely forgiven during tax years 2007 through 2012. Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence.
If your debt is reduced or eliminated you normally will receive a year-end statement, Form 1099-C, Cancellation of Debt, from your lender. By law, this form must show the amount of debt forgiven and the fair market value of any property foreclosed. Examine the Form 1099-C carefully. Notify the lender immediately if any of the information shown is incorrect. You should pay particular attention to the amount of debt forgiven in Box 2 as well as the value listed for your home in Box 7.
For more information about the Mortgage Forgivenes...
|
| Posted by dawnmitchell at 7:51 AM |
|
|
Monday, March 12, 2012
|
|
|
|
Four Options When the Appraisal Comes in Too Low
- Appeal errors or bad comps to the appraiser
- Ask for a second opinion, get a second appraisal
- Renegotiate the offer
- Pay the difference or split the difference
|
| Posted by dawnmitchell at 8:17 AM |
|
|
Friday, February 10, 2012
|
|
|
|
Ten things to remove before listing your home:
1. Nothing but magnets..... take everything off your refrigerator!
2. No more junk drawers, time to clean house!
3. Everything off your kitchen counter, not even a crumb!
4. Medicine. Remove it, don't store it in the bathroom, hide it!
5. Shoes, put shoes in the closet where they belong.
6. Guns and ammo.... duh
7. Valuables. Jewelry, watches, ipods, hide the temptation
8. Money. If you leave money out, leave a hidden camera along with it!
9. Bills and personal papers.
10. Personal photos, keep to a minimum!
Happy house selling!!!!!
|
| Posted by dawnmitchell at 7:59 AM |
|
|
Tuesday, January 31, 2012
|
|
|
|
Searching for homes in Boise.... there's an app for that
1. Genius Scan
2. Dictionary of Real Estate Terms
3. House Hunter
4. SpringPad
5. ColorSnap
6. Karl?s Mortgage Calculator
7. Trulia Real Estate App
|
| Posted by dawnmitchell at 1:01 PM |
|
|
Wednesday, January 25, 2012
|
|
|
|
With tax time approaching.... homeowners, don't forget these tax breaks!
1. Interest
2. Insurance
3. Points
4. Taxes
5. Energy star
1. Mortgage Interest Deduction
Mortgage Interest Deduction (MID) is a top tax break for homeowners, which can save you a significant amount of money. In the beginning, the majority of your monthly mortgage payments go toward loan interest, and you can deduct all the interest from your mortgage on your taxes. Keep Form 1098, issued by your lender, with your important records. This form explains exactly how much you can deduct and serves as proof if you are audited by the IRS.
2. Mortgage Insurance Premiums
Homeowners with new mortgages with a loan-to-value ratio higher than 80% must carry some form of private mortgage insurance (PMI). This insurance protects the lender against loan default. Typically, once you reach 20% equity in your home, you can avoid paying private mortgage insurance.
3. Points
Points refer to charges or fee...
|
| Posted by dawnmitchell at 2:10 PM |
|
|
Friday, December 16, 2011
|
|
|
|
Tax credits up to $500 are available for home owner's to claim until the end of the year, but they better hurry. Congress has yet to renew the tax credits for 2012.
The allowance for the tax credits that home owners may be eligible for include:
|
| Posted by dawnmitchell at 11:57 AM |
|
|
Monday, December 12, 2011
|
|
|
|
Think "going green" must break the bank? Think again. Here are a few things you can do to improve your home's energy usage that cost absolutely nothing.
|
| Posted by dawnmitchell at 7:52 AM |
|
|
Tuesday, December 06, 2011
|
|
|
|
As the holidays approach, Bank of America will comply with applicable Holiday Moratorium requirements to avoid causing emotional distress to the occupants of a property.
For this reason, foreclosures, evictions, relocation assistance (cash for keys) or lockouts should not be scheduled or occur during the following Holiday Moratorium dates:
Nov. 23-27, 2011, returning to business as usual on Nov. 28.
?? Dec. 22-26, 2011, returning to business as usual on Dec. 27.
?? For VA properties, the year-end dates are Dec. 22 through Jan. 2, returning to business as usual on Jan. 3.
|
| Posted by dawnmitchell at 2:17 PM |
|
|
|
|
|
|
|
 |