American Taxpayer Relief Act – Fiscal Cliff
As many of you know, Congress finally passed a bill to preserve most of the Bush-era tax cuts. It also extended many other lapsed tax provisions. What does all this mean? If Congress did not act, individual tax rates were set to rise on everyone! The American Taxpayer Relief Act allowed the tax brackets to remain the same for individuals. A new top rate bracket was added which w…
Is a short sale on a principal residence taxable?
Financially and emotionally, going through a short sale or foreclosure can be a difficult time for many people. The last thing you want to have to worry about is how much you will have to pay the IRS for the amount of cancelled debt. A big concern I hear from clients is regarding the amount of money they will owe if they sell their home and the debt is forgiven. The Mortgage Debt Relief Act…