As often happens, I get something like this... My friend got their taxes done at Jack in the Block and they say there is.. . they go on to talk about some odd tax credit that doesn't exist, but I still ahve ot research. This one I can't find anything on. Maybe someone here has heard about it (if it exists). Under the recent recovery tax adjustments, supposedly there is a new credit available to homeowners who sell a house at a loss?
Home Depreciation Tax Credit???
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There was
As often happens, I get something like this... My friend got their taxes done at Jack in the Block and they say there is.. . they go on to talk about some odd tax credit that doesn't exist, but I still ahve ot research. This one I can't find anything on. Maybe someone here has heard about it (if it exists). Under the recent recovery tax adjustments, supposedly there is a new credit available to homeowners who sell a house at a loss?
and just as well in my opinion.ChEAr$,
Harlan Lunsford, EA n LA -
What they might be talking about here is the exclusion of cancellation of debt income on principal residence indebtedness. After all, many that sell a house at a loss end up getting the remainder of their mortgage cancelled. That is income that would have been includable and taxed if not for the exclusion.Comment
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Exclusion of Debt Cancellation Income
As I understand it, this exclusion only applies to Midwest Disaster area. has this been expanded?Comment
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I had my first one of these cancellation of debt on a mortgage loan today. It was nice to be able to do something to help someone who has had a hard time lately.
Worked like a charm
LindaComment
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