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Options to Avoid Foreclosure |
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Many industry experts put the blame on "subprime"
lending but we are now seeing homeowners with "prime"
lending loans also facing foreclosure. A financial
downturn can occur to anyone at anytime. If you are in
financial trouble and cannot make your mortgage payments
you have options. You don't have to lose your home.
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Making Rental Real Estate Investments Work for You |
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Owning rental property can be a great source of steady
income if handled properly, or it can be sold for a
hefty profit to someone else looking for a long-term
real estate investment if you are ready to move on and
would like to make a larger, one-time windfall on the
property.
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Jumbo IRA or Pension - 5 Major Income and Tax Advantages
of an LAP Plan |
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Liquid asset protection plans (LAP Plans) are designed
primarily to benefit those with large tax-deferred
accounts such as jumbo IRAs or pension plans. These are
subject at death to both an estate tax and a deferred
income tax. One of the best ways to protect these assets
is by using a LAP Plan.
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IRS Circular 230 disclosure: To ensure
compliance with requirements imposed by the
IRS, we inform you that any U.S. federal tax
advice contained in this document is not
intended or written to be used, and cannot
be used, for the purpose of (i) avoiding
penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to
another party any transaction or matter that
is contained in this document.
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Q&A on Home Foreclosure
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If you borrow money from a commercial lender and the
lender later cancels or forgives the debt, you may have
to include the cancelled amount in income for tax
purposes, depending on the circumstances. When you
borrowed the money you were not required to include the
loan proceeds in income because you had an obligation to
repay the lender. When that obligation is subsequently
forgiven, the amount you received as loan proceeds is
reportable as income because you no longer have an
obligation to repay the lender. The lender is usually
required to report the amount of the canceled debt to
you and the IRS on a Form 1099-C, Cancellation of Debt.
Here's a very simplified example. You borrow $10,000
and default on the loan after paying back $2,000. If the
lender is unable to collect the remaining debt from you,
there is a cancellation of debt of $8,000, which
generally is taxable income to you.
Read On... |
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