by Jon Terry | Jan 10, 2013 | Mortgage Guidelines, Mortgages, Short Sale, Taxes
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...
by Jon Terry | Jan 5, 2013 | Taxes
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...
by Jon Terry | Nov 19, 2012 | Taxes
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...
by Jon Terry | Mar 23, 2012 | Blog, Taxes
Traditionally, federal income taxes must be filed with the IRS on, or before, April 15 each year. The date has become such a part of U.S. culture that many people simply call it “Tax Day”. This year, however, for the 3rd time in 7 years, your federal...
by Jon Terry | Dec 23, 2011 | Blog, Mortgages, Taxes
Time is running out to boost to your 2011 federal tax refund. All you have to do is make your January 2012 mortgage payment while it’s still December. It’s a simple tax strategy that works because of how mortgage interest is paid, and of how the U.S. tax...