Tag Archives: Taxes

Tax Relief

Normally if a borrower is foreclosed upon or a loan is modified due to a possible foreclosure, that reduction in debt is considered income and is taxable. Thanks to the Mortgage Forgiveness Act of 2007, that income is not taxable. … Continue reading

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IRS defines rules for Chinese drywall mess

If you’ve made a claim or intend to make an insurance claim for Chinese drywall repair costs, you may be able to treat 75% of the cost as a casualty loss in the year paid. If you aren’t making a … Continue reading

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