http://www.fastcash4homes.biz/foreclosure.htm Mortgage Forgiveness Debt Relief Act applies to short sales that will be closed before December 31, 2012. As per this act, after the lender approves the short sale and short sale is closed, they will issue a 1099-C form to homeowners for the forgiven amount and, in most cases, homeowners will not have to pay federal income taxes on the forgiven amount. However, the loan must be the original mortgage loan taken out to buy the house i.e. the subject property and, it must not be refinanced or modified loan. Homeowners must check with their tax experts for their particular situation and to find out whether or not this act would apply to them. Call Colleen for a 100% free consultation regarding your particular situation. 909-972-0041

Duration : 0:3:1

(more…)

Technorati Tags: 1099-c, Debt, financial, foreclosure, foreclosures, hard to pay, hardship, hardships, homeowner, mortgage debt, mortgage payments, negotiation, payoff, sales, SB-401, sell your house, Senate Bill 401, short sale, under water, underwater, upside down

This video discusses the potential income tax implications of doing a short sale, foreclosure or deed in lieu of you home. Topics include the Mortgage Debt Relief Act, Insolvency, and other common ways of excluding 1099 income resulting from a short sale or foreclosure of your home.

To learn more about your distressed property options please visit our website at: www.shortsalecircle.com

Duration : 0:4:36

(more…)

Technorati Tags: 1099 income, 1099-A, 1099-c, alternatives to foreclosure, can i short sale, debt cancellation, Debt Forgiveness, distressed property, foreclosure, foreclosure alternatives, H.R. 3648, insolvency, Mortgage Debt Relief Act, principal residence exemption, short sale, Tax Implications

A brief look at the IRS’s definition of Canceled Debt as well as Form 1099-C.

Duration : 0:6:12

(more…)

Technorati Tags: 1099-A, 1099-c, APC, Cancelled, Debt, Form, IRS, John, Quintana, Reynard, tax

If you are a homeowner in California who lost your property in 2009 and wondering how you are going to pay the tax for the 1099A or 1099C form you have received from your lender here is the solution. The bill AB 1779 amends the California tax law with regards to foreclosure and short sale and conforms it with the Federal debt forgiveness law.

Duration : 0:3:40

(more…)

Technorati Tags: 1099-A, 1099-c, 1099A, 1099c, 2009 bank foreclosure, AB1779, foreclosure, hardship, short sale, tax relief

If you are a homeowner in California who lost your property in 2009 and wondering how you are going to pay the tax for the 1099A or 1099C form you have received from your lender here is the solution. The bill AB 1779 amends the California tax law with regards to foreclosure and short sale and conforms it with the Federal debt forgiveness law.

Duration : 0:1:36

(more…)

Technorati Tags: 1099-A, 1099-c, 1099A, 1099c, 2009 bank foreclosure, AB1779, foreclosure, hardship, Roger Niello, short sale, tax relief