7 Things You Should Know About the Tax Consequences of Debt Forgiveness

Over the past few weeks I’ve given you some valuable insight in regards to how the IRS will treat your short sale or foreclosure when you file your income taxes. In case you haven’t read this information, you can download it for FREE from my eBook library. Or simply click “read more” where I’ll give you a summation of my posts on debt forgiveness.

1. How the IRS Treats Short Sales
2. Mortgage Debt Relief Act of 2007
3. The Emergency Economic Stabilization Act of 2008
4. IRS Form 982 – Insolvency
5. Filing 1099 IRS Forms That Deal With Mortgage Debt, Part 1
6. Filing 1099 IRS Forms That Deal With Mortgage Debt, Part 2
7. Filing Your Foreclosure/Short Sale Taxes

If you have further questions about short sales or foreclosures and how they can affect your income taxes, please contact us online, call (239) 384-9688, or download our FREE eBook 7 Things You Should Know About the Tax Consequences of Debt Forgiveness. When it’s time for us to meet, here is a good way for you to prepare before meeting with your tax planner.

-Mark

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This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.

LEGAL NOTICE AND DISCLAIMER: The information within this post is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.