Posts Tagged ‘tax’

http://www.getirshelpvideos.com A foreclosure is bad enough, but did you know under certain circumstances it can trigger a large IRS tax debt? Cancellation of Debt income is discussed at length by a veteran tax attorney.

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http://secretsoftaxlieninvesting.com/ Foreclosure listings in Tax Lien Certificates? New Foreclosure opportunities found in Tax Sales. Free Tax Lien Foreclosure lists and training about Deeds sales.

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http://secretsoftaxlieninvesting.com/ How to find new Foreclosures? No competiton! Common Foreclosure questions with uncommon Foreclosure answers. Free Tax Lien Foreclosure Training about Deeds sales.

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http://secretsoftaxlieninvesting.com/ Where to buy Foreclosures? How to find Foreclosures? Common questions with uncommon answers. Free Tax Lien Foreclosure Training about Tax Liens and Deeds sales.

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Recent changes in the Making Home Affordable program address problems with short sales and offer a streamlined approach that will help distressed homeowners who cannot qualify for a loan modification avoid foreclosure.
Check out the details at http://www.treas.gov/press/releases/docs/05142009FactSheet-MakingHomesAffordable.pdf.

Here are my thoughts on how these changes could affect short sale transactions. Please note: I personally share the opinion of many Realtors that Short Sales suck (if you don’t believe me, check out this link: http://www.google.com/search?client=safari&rls=en-us&q=short+sales+suck&ie=UTF-8&oe=UTF-8), and hope that these improvements will provide a workable solution for future transactions.

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http://secretsoftaxlieninvesting.com/How to find Tax Liens and Deeds in less than 10 minutes. Free Tax Sale lists and Tax Lien Certificate Training for Tax Deed properties. The best tax Lien training

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King County Tax Deed Sale December 2006 Washington State
Part 2 convention center http://www.kingcounty.gov/operations/Finance/Treasury/Foreclosure.aspx

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This video is from the show Open House on CNN. Homeowners in trouble facing short sale or foreclosure should be careful when answering to unsolicited mail, phone calls or emails. A HUD representative and a legal services representatives explain what homeowners should watch out for and what to do.

More info at:

sccrealestateuncensored.com/2007/foreclosure-scam/

micasamidinero.com/2007/foreclosure-fraude/

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I know that alot of buyers were scrambling to get into there deal about now so they could close by the deadline of Dec. 1st. This was helping the local housing market tremendously. I’m glad to see this as it will give more incentive to try and stimulate our local home values a bit more. And it looks like not just first time home buyers are affected. Now move up buyers can get a boost too.

Here are the details from the Wall Street Journal.

Mill Creek Foreclosure

By WSJ Staff

NIck Timiraos and James R. Hagerty report:

The Obama administration blessed the proposed extension of the $8,000 tax credit for first-time home buyers on Thursday as the Senate neared a compromise that would extend the credit to more potential buyers.

Here’s a primer on who might be able to get the expanded credit, and what it might do for the housing market:

Who gets the credit, and how much can they claim? First-time home buyers are eligible for up to $8,000 on the tax credit, which is the same as the current credit. The Senate version of the bill creates a new credit of up to $6,500 for homeowners who have lived in their homes for five years. That provision would start on Dec. 1.

How long will it last? The tax credits would expire on April 30, 2010, but home buyers under contract by April 30 would be able to qualify as long as they complete the sale within 60 days. Keep in mind, this would be the third iteration of a home buyer tax credit that has been in place since mid-2008. Sen. Johnny Isakson, the Georgia Republican who has been a staunch advocate of the credit, promised that this would be the “last extension” of the credit, according to Dow Jones Newswires’ Corey Boles. “Tax credits like this only work by creating the sense of urgency to take advantage of it,” Sen. Isakson said.

Will the tax credit do anything for the high-end of the market? Probably not. The tax credit phases out for home buyers with incomes above $125,000 for single filers and $225,000 for married couples. Also, homes that cost more than $800,000 aren’t eligible for the credit. Overall, the tax credit is likely to generate only a modest further increase in home sales, says Tom Lawler, an independent economist in Leesburg, Va. For many well-paid people, he says, it won’t make a big difference: “A household earning around $150,000 is likely to buy a home of $500,000 plus, so a $6,500 credit won’t be much of a factor in pushing such households off the fence.”

What other limits does the credit have? Toddlers are out of luck. Last week’s congressional hearings spotlighted concerns about misuse of the credit, including some 500 tax filers under age 18 who had claimed the credit.

So will the expanded tax credit help sales? That’s a point of debate among housing analysts and economists. Alec Phillips, economist at Goldman Sachs, notes that expanding the credit to people who already own homes doesn’t necessarily make a big dent in the supply of housing on the market. “If these ‘step-up’ buyers already own a home and sell it to finance the new one, that hasn’t reduced the amount of inventory for sale,” he says.

But Mark Zandi, chief economist at Moody’s Economy.com, thinks the extension is a big deal. Based on a preliminary analysis, he said it should mean at least 500,000 in additional sales, atop the 400,000 he estimates already have been generated by the tax credits (twice the Goldman estimate). “The tax credit is not a very efficient tax cut, but not extending it would do significant damage to the still fragile housing market,” Mr. Zandi said.

Readers, what do you think? Is this going to help the market, or is it simply reinflating a bubble?

Give me some feedback K guys.
Jim

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Attention home foreclosure buyers – check out the seven most common mistakes buyers make when buying foreclosure homes. Knowledge of these seven mistakes and the strategies to overcome them will help you make informed choices when you buy forclosures

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