TAX TIME

Condo and townhome associations must file a tax return. Here is the link: http://www.irs.gov/pub/irs-pdf/f1120h.

Foreclosure and Debt Forgiveness

If you had your primary residence foreclosed on, the bank could declare the difference between your loan and the value of the home (underwater, like most of us) as income. There is a newer law that helps, and can save that tax hit to have that debt forgiveness on a primary residence be a non-taxable event. http://www.irs.gov/newsroom/article/0%2C%2Cid=174034%2C00.html


Home Foreclosure and Debt Cancellation
www.irs.gov

Update Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage ...