Got a special event in in your home town? Consider renting your house to visitors. If the lease is 14 or fewer days, the rental income is tax-free.
A key tax break for underwater homeowners considering short sale was extended as part of Congress’s fiscal cliff deal. The Mortgage Forgiveness Debt Relief Act, which was signed into law in 2007, exempts homeowners from having to pay federal taxes on the balance of their mortgages after a foreclosure or short sale. Borrowers who receive
As the fiscal cliff looms, a crucial tax break helping underwater homeowners may get overlooked by Congress, resulting in devastating consequences.
Just in case you didn’t know it, the mortgage interest tax deduction is safe. Really? This is news? No. But then neither was the headline of a press release on a National Association of Home Builders recent survey. The industry group message showed up in my e-mail inbox proclaiming, “Voters Warn: Don’t Mess With the Mortgage Interest