For liability reasons it "wouldn't be prudent" for us to give you direct advice on this topic but here are some excellent sources of information for you to review with either your CPA or Tax Lawyer.

 

IRS Links:

IRS FAQ re: The Mortgage Forgiveness Debt Relief Act and Debt Cancellation

IRS News Update: Mortgage Workouts, Now Tax-Free for Many Homeowners; Claim Relief on Newly-Revised IRS Form

IRS Publication 4681 re: Canceled, Debts, Foreclosures and Abandonments

IRS Form 982

 

 

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$8,000 2009 Home Buyer Tax Credit Details

click here if you are looking for info on the 2009-2010 tax credit extension that passed in November 2009?

The recently approved American Recovery and Reinvestment Act of 2009, combined with favorable resale prices and interest rates, offers home buying bargain hunters a once in a lifetime purchasing opportunity.  The measure has features designed to stimulate the economy and spur home sales with the hope that this will trigger a ripple effect throughout the overall economy. Features include:

 

  • An $8,000 tax credit - up from $7,500 - available to first-time home buyers for purchase of principal residence after January 1 and before December 1 2009.
  • The credit applies only to homes purchased during 2009.
  • The…

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