TAX PROBLEMS
From NY Times comes this story:
Folks who bought multiple homes for investment, and borrowed the equity in them to buy the next home as the market rose, are feeling the ire of the IRS. As foreclosures occur, the loss to the lender is reported to IRS, and IRS is now counting the loss as a benefit to the original borrower, which is taxable. And the tax on the benefit isn't erased by bankruptcy. Big time problems!
We have no such problems in Tyler Texas. Low foreclosures, steady value increases, good amount of properties from which to choose....... Email http://johncmartin.com and let's get started on your financial security.
Folks who bought multiple homes for investment, and borrowed the equity in them to buy the next home as the market rose, are feeling the ire of the IRS. As foreclosures occur, the loss to the lender is reported to IRS, and IRS is now counting the loss as a benefit to the original borrower, which is taxable. And the tax on the benefit isn't erased by bankruptcy. Big time problems!
We have no such problems in Tyler Texas. Low foreclosures, steady value increases, good amount of properties from which to choose....... Email http://johncmartin.com and let's get started on your financial security.
posted by John and Flo Martin at 4:36 AM
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