$8.41. That was how much 83-year-old Uri Rafaeli, a retired engineer, in Michigan underpaid his property taxes by in 2014. That was all it took for him to lose his house. Rafaeli bought a 1,500-square-foot Southfield home in 2011. He paid $60,000 for the property, and the deed was recorded by the Oakland County Register…
Note: I’m constantly updating as questions come in – so check back throughout the day! I hear you! I’m getting lots of last-minute questions today via email, Twitter and Facebook. I’m going to try and answer as many as I can today but please understand that I can’t get to all of them. And to…
R&B artist R. Kelly took a huge hit to his finances this week when his 20,000 square foot dream home was auctioned for less than a million dollars. The home, which Kelly had built in 1997, was subject to a $3.5 million mortgage. R. Kelly, whose real name is Robert Sylvester Kelly, has been recognized…
I remember the first phone call that I received about insolvency exceptions. A taxpayer called to ask me how to protect his daughter who had just been foreclosed upon – she was told to expect a tax bill as a result of the foreclosure. I remember thinking, “Wow, foreclosure? But how?” These were not folks…
Everyone loves a happy ending, right? And Extreme Makeover, the popular ABC reality television show, always has a happy ending. The thing is, the troubles of those on the show don’t always end once the cameras shut off. Consider Larry and Judy Vardon. The couple have a child who is blind and autistic; they are…
As tax rebate checks are slowly (with a huge emphasis on slowly) making their way to taxpayers, Congress is considering a second round of relief. This relief would be targeted to homeowners facing foreclosure as well as increased spending on bridges, roads and transit systems. There may be renewed interest in foreclosure relief because of…
So following up on yesterday’s post about the proposed tax relief for debt cancellation related to foreclosures, I wonder, “Is it fair?” Today’s Fix the Tax Code Friday question is: Should Congress offer tax relief to those who are affected by the housing market (those in foreclosure)? Should Congress offset the lost revenue by limiting…
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…