Under normal circumstances, debt forgiven as a result of a short sale or mortgage modification would count as income for tax purposes. Lenders send out 1099s to account for the amount of the debt they have forgiven. However, the Mortgage Forgiveness Debt Relief Act (Act) that was passed in 2007 states that mortgage debt that […]
Tax Credit on Wind Energy Extended
January 5, 2013 by Leave a Comment
Colorado ranks 12th in the nation in wind energy production, according to the American Wind Energy Association(AWEA), and wind turbines will keep on turning in 2013. Congress voted to extend the tax credit on wind energy that many said was key to the survival of Colorado’s wind-power industry. The credit’s one-year extension was included in […]
New Medicare Tax Coming in 2013
November 19, 2012 by Leave a Comment
The housing market may be recovering, as many experts suggest, but investors are still struggling to understand what taxes they will owe upon selling their homes. The Patient Protection and Affordable Care Act will affect those who hold rental income properties and vacation homes starting in Jan 2013. “Unearned income” will be subject to a […]
Federal Tax Deadline Extended To April 17, 2012
March 23, 2012 by Leave a Comment
For the 3rd time in 7 years, your federal income taxes will not be due April 15. They’ll be due Tuesday, April 17 instead.
Pay Your Mortgage Early, Boost Your 2011 Federal Income Tax Deductions
December 23, 2011 by Leave a Comment
Time is running out to boost to your 2011 federal tax refund. All that’s required is to make your January 2012 mortgage payment while it’s still December.