Posts tagged as:

mortgage

Mortgaging Our Future: the Hardest Hit Fund Initiative

12 May 2010

Imagine for a moment that the top wage earners in the land were forced to throw their funds into a common pot that would be shaken up and redistributed to those less fortunate than themselves – a sort of a take from the rich and give to the poor scheme. No, it’s not a promo [...]

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Ask the taxgirl: Does Renting Mean I Can’t Itemize?

17 January 2010

Taxpayer asks: Hello Taxgirl! I have a question! I was married last year, and this is the first time I will be filing a joint tax return. My husband and I rent our house, and we paid about $6,000 out of pocket last year for medical expenses (this includes $2000 my husband paid for the [...]

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Ask the taxgirl: Should I get married?

22 October 2009

Taxpayer asks: Last year, I moved in with my boyfriend at his condo. He lost his job so I paid most of the bills. I paid the mortgage direclty for most of the year. I also paid some of his credit card bills, the car payment and some of his child support paymnets so he [...]

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Ask the taxgirl: Mortgage Forgiveness

8 March 2009

Taxpayer asks: I have a 1099-c from a short sale on my house, I was hoping to be granted an exemption because of the Mortgage Forgiveness act of 2007, my amount in box 2 is 54809 and the amount in box 7 is 0.00 not sure what all this means. Taxgirl says: A form 1099-C [...]

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Paulson Changes His Tune (Again)

5 December 2008

When Forbes magazine President and CEO Steve Forbes called Treasury Secretary Henry Paulson “the worst treasury secretary we’ve had in modern times,” it made for some good chuckles on late night television, but not many people seemed to pay attention. I have a feeling that will be changing. Paulson keeps changing his mind, it seems, [...]

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Foreclosures, Debt Forgiveness and Mortgage Losses Explained

11 October 2008

There’s a lot of good discussion on the Fix the Tax Code Friday comments thread about debt cancellation and mortgage debt cancellation relief. I started to reply to one of the comments and thought it was best to make it a separate post so that it doesn’t get buried. I wanted to clarify some misconceptions [...]

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Ask the taxgirl: Losses and Mortgage

29 July 2008

Taxpayer asks: My mother in law has lost about 7000 in the past year with her stocks and bonds. She is thinking about taking them all out and paying off her mortgage. What kind of penalty will she pay and is there any additional IRS penalties that she is not aware of? Is there any [...]

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Suddenly, being financially irresponsible pays off!

11 October 2007

The House Ways and Means Committee has voted to permanently remove the income tax consequences for homeowners whose debt is partially forgiven by a lender after a foreclosure. The bill is likely to pass the House and Senate, and President Bush has already spoken publicly about his approval of the measure. Great. Now homeowners have [...]

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Sharpen your pencils! School is in session.

9 September 2007

Remember that Staples ad where the parent runs down the aisle tossing school supplies into the cart while “It’s the Most Wonderful Time of the Year” plays in the background. That’s how I feel about this time of year. As the parent of three children, I love back to school. I crave the sense of [...]

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Should we pay for the mistakes of others?

27 July 2007

Last night, while at a reception for BlogHer, I was asked whether I thought that the mortgage interest deduction for homeowners would be eliminated. “Of course not,” I replied. “Even with all of this sub-prime mortgage stuff?” the person pressed. “It won’t be repealed,” I said, confidently. But back in my room, I started thinking [...]

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