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Tag: tax

Mortgage Forgiveness Debt Relief Stuck On Capitol Hill

Mortgage Forgiveness Debt Relief Stuck On Capitol Hill

If you’re wondering why the impact of the foreclosure crisis lingers on you might want to consider what’s happening on Capitol Hill. In 2007, in a fit of common sense, Congress passed the Mortgage Forgiveness Debt Relief Act. This was an important piece of legislation because it corrected an obvious wrong. Let me explain: Traditionally, […]

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Real Estate: Will Church Ministers Lose Tax-Free Housing?

Real Estate: Will Church Ministers Lose Tax-Free Housing?

A federal judge in Wisconsin has ruled that housing write-offs for ministers, priests, rabbis and other clerics are unconstitutional, a violation of the First Amendment’s establishment clause. At issue was the question of whether clergy are entitled to a tax-free rental allowance under 26 U.S.C. § 107. This federal legislation — first passed in 1954 and […]

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Sharga: End Mortgage Deduction At Economy’s Peril
By December 19, 2012 0 Comments Read More →

Sharga: End Mortgage Deduction At Economy’s Peril

The fate of the mortgage interest tax credit seems to be on everyone’s mind at the moment. I get asked about it pretty much everywhere I go these days, from business meetings to media interviews – even casual discussions at holiday parties. People are afraid of this happening, though not everyone sharing their worries seems […]

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FHA Mortgage Insurance Premium To Rise In 2012

FHA Mortgage Insurance Premium To Rise In 2012

Borrowers will pay more to get an FHA loan in 2012. The much-heralded payroll tax cut worked out by Congress will also raise the cost of an FHA mortgage by at least .2 percent and probably more in 2012. Think of it as a back-door tax increase. While the public was watching the payroll debate […]

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Who Pays Foreclosure Property Taxes?

Who Pays Foreclosure Property Taxes?

When you purchase a foreclosed property, are you responsible for back taxes? The general answer largely depends on when you buy the property. “If the property was foreclosed and possessed by the bank, the bank will have to pay the back taxes to sell the property with clear title,” says RealtyTrac spokesman Daren Blomquist. “However, […]

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Standard & Poors Drops US Credit Rating

Standard & Poors Drops US Credit Rating

The credit rating of the United States of America has been reduced from AAA to AA+ by the Standard & Poors rating agency. In an historic development the willingness of the United States government to fulfill financial obligations has been called into question by a major ratings agency due to “political risks” and a “rising […]

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Pawlenty Proposal: Worst American Tax Plan Ever

Pawlenty Proposal: Worst American Tax Plan Ever

There’s finally a serious Republican tax proposal on the table, and it’s a plan which deserves consideration. The Nation, of course, now has a massive budget deficit. Not since four straight years of surplus under Bill Clinton has the government broken even much less had a few spare dollars. Under President George W. Bush the […]

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How To RAISE Social Security Benefits Now

How To RAISE Social Security Benefits Now

Social Security is much in the news with claims that it’s going bankrupt and cries that benefits must be cut. But that isn’t the case, in fact if everyone simply paid their fair share of the costs — if bosses paid as much of their income as their workers — benefits could be maintained or […]

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Time Winding Down for First-Time Military Borrowers To Get Tax Credits

Time Winding Down for First-Time Military Borrowers To Get Tax Credits

The government’s landmark tax credit program for first-time home buyers is starting to drift back in focus again as tax day approaches. The unique $8,000 credit for new buyers and $6,500 credit for existing homeowners helped inject stability into the slumping housing market during 2010. Consumers and some industry observers have pushed for a renewal […]

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US home values fall $9 trillion since 2006, says Zillow

US home values fall $9 trillion since 2006, says Zillow

American real estate, a traditional bastion of household wealth for the middle class, has lost $9 trillion in equity since 2006 according to the real estate marketing site Zillow.com. Zillow reports that US homeowners lost $1 trillion in 2009 and it expects that losses will total $1.7 trillion in 2010. Specifically, Zillow estimates that values […]

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