Archive for the ‘Taxes’ Category
Monday, January 30th, 2012
If you are holding an unaffordable mortgage that substantially exceeds your home’s present value, you have several options: a federal HARP or PRA loan modification to reduce your mortgage to your home’s fair market value; a short sale of your home; a deed-in-lieu-of-foreclosure with agreement to void the remaining mortgage; or even a strategic default and foreclosure. The disadvantage to these options is that mortgage debt that is “forgiven” or “eliminated” is generally considered taxable income. However, legal strategies can allow you to avoid paying tax on this fictional “income.” (more…)
Posted in Foreclosure, Home Ownership, Real Estate, Selling a Property, Short Sale, Taxes
Tuesday, February 9th, 2010
In his first State of the Union address, President Obama proposed a temporary tax credit that can fuel job growth through small business hiring, and this may prove to be a great incentive for local San Diego businesses that have been thinking about bringing on another employee. The Wall Street Journal’s Elizabeth Williamson reports on more of the details of the President’s plan, as revealed a few days after delivering the State of the Union address. As things stand now, the Small Business Jobs and Wages Tax Cut, one of the White House’s main small business proposals, will provide businesses a $5,000 tax credit for each net new employees hired in 2010, and start-up businesses can receive half the tax credit, all subject to a cap of $500,000 as a way to make sure that most of this tax credit is used by small businesses. (more…)
Posted in Business Disputes & Lawsuits, Current Events, Running a Business, San Diego, Stating a Business, Taxes
Tuesday, September 29th, 2009
Many Californians who will be first time home buyers have their eyes on December 1, 2009, the deadline to purchase a home and get the tax credit created by the Housing and Economic Recovery Act of 2008. “First time” covers more than you would think, since it’s defined to include taxpayers who haven’t owned another principal residence during the last three years before the current purchase date. You won’t be able to qualify for the tax credit if you’re buying a rental property, since the home must be used as your main personal residence. If you buy the home in 2009 (and close by November 30), (more…)
Posted in Buying a Home, Current Events, Real Estate, Taxes
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