Real estate and property tax

Pending legislation could allow bankrupts to discharge some mortgage amounts

In an effort to prevent a predicted siege of foreclosures, Representatives Brad Miller (D-NC) and Linda Sánchez (D-CA) have introduced legislation that would repeal the mortgage exception in the bankruptcy code, allowing a judge to change the priority value of primary residence mortgages or alter interest rates.Called the Emergency Home Ownership and Mortgage Equity Protection Act (H.R.
Tax

Homeowners with two homes could foot bill for foreclosure victims

The House Ways and Means Committee has approved a bill designed to provide aid to struggling homeowners who are in debt over their heads and facing foreclosure on their homes. The bill provides tax relief for homeowners whose mortgage debt is forgiven. Currently, forgiven debt is considered to be taxable income.
Tax

IRS reaches out to foreclosure victims with resource site

The Internal Revenue Service has unveiled a new section of IRS.gov for people who have lost their homes due to foreclosure.
Community News

Thomson to acquire Deloitte Tax LLP Property Tax Services

The Thomson Corporation, a leading provider of information solutions to business and professional customers worldwide, has announced that it has signed a definitive agreement to acquire the Deloitte Tax LLP Property Tax Services business (PTS).
Tax

Congress considers changing mortgage interest deduction

Rep. John Dingell (D-MI) has plans to introduce legislation that would remove mortgage interest deductions for certain homeowners, citing a need to penalize taxpayers who consume too much energy.Dingell is drafting an energy-saving bill that is expected to include higher federal gasoline taxes and other provisions for discouraging people from adding carbon emissions to the atmosphere. Among the provisions expected to appear in the bill is the removal of the mortgage interest deduction for homeowners with houses of more than 3,000 square feet of interior space.
Tax

Hoosier pays huge tax bill in coins and $1 bills

If you're not from Indiana, you might not have heard of the large property tax increases that were assessed this year in some of the counties. Cary Malchow, a homeowner in Muncie, Indiana is one taxpayer who was affected by the increase, and he decided to make a statement with his tax payment.In an unusual form of protest, Malchow didn't refuse to pay his bill. Instead, he chose to pay the bill in person, in cash. Lots of cash.

Reverse mortgages are gaining ground

Advertising for reverse mortgages featuring well known actors like James Garner and Robert Wagner and aimed at the over-62 viewer is publicizing a product that as yet has achieved only 1 percent market penetration, according to a report in the Philadelphia Enquirer, but analysts suggest that this product may become a major source of money for retirees in the coming years.
A&A

State and Federal Enterprise/Empowerment Zone tax breaks extended

Federal Work Opportunity Tax Credits (WOTCs) now cover 18 - 39 year-old employees hired by businesses located in Renewal Communities, Empowerment Zones, and rural renewal counties under legislation passed recently in Congress. Prior to passage of the new legislation, part of H.R. 2206: U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007, the credits applied only to 18 - 24 year olds.
Community News

Mass. Gov. Announces Property Tax Breaks

Massachusetts Gov. Deval Patrick unveiled a plan Thursday to give lower-income homeowners the same type of property tax breaks available to some senior citizens, in an attempt to fulfill a key campaign pledge, the Associated Press reports.Beginning in January, an estimated 100,000 families and individuals would be eligible for a state tax credit of up to $860 a year under the new program. The current average statewide property tax bill is $3,800 per household.“The bottom line is that people in Massachusetts have been paying more and getting less," said Patrick.
Tax

New Website Offers Business Owners Property Tax Cut Routes

In early January 2007, the Niagara County, New York, Industrial Development Agency (IDA) granted a history-making Payment in Lieu of Taxes (PILOT). Henry Sloma, Chairperson of the Niagara County IDA (NCIDA), and Kevin Pierce, Vice President and Director of the AES NY, LLC, signed allegedly legal paperwork that removes the profitable coal fired power plant, locally known as AES Somerset, from the tax rolls. Industrial Development Agencies normally grant tax cuts to companies in the form of Payment in Lieu of Taxes for two reasons: 1.
Technology

Many New Home Buyers Face Tax Regulations

The 2005 real estate boom, coupled with low loan rates, produced a large number of first- time home buyers who will deal with new tax regulations when filling out their 2006 taxes. Thousands of filers who will deal with deductions can use the Internal Revenue Service (IRS) Publication 530, which is available for the 2006 tax season and provides specific guidelines to determine eligibility for homeowner deductions. For many new homeowners, the move from standard tax deductions to itemized deductions using the standard

Home Prices At 35-Year Low

Last month new home prices fell in the largest year-over-year measure since September 2005. Although some buyers still say home prices are out of range, the Associated Press reports that the median price for a new home was $217,100 in September, according to the Commerce Department (DoC). The report, released this past week, announced that this was the sharpest decline in median home prices since December 1970. The Associated Press reports these numbers emphasized the slowdown in the housing market, while home sales increased by 5.3 percent.
Tax

Investing in Real Estate After the Boom

Real estate is pricey these days but is still a valuable commodity, says Linda Stern, writing for Reuters, and one alternative to buying a house for investors is purchasing shares in a real estate investment trust that owns commercial or apartment real estate (REIT). Another alternative offered by the Chicago Mercantile Exchange (Merc) is commodity-style trading on housing futures and options in select cities.
Practice Management

What Every CPA Needs to Know About TIC & 1031 Exchanges

It is easier than ever for small investors to acquire an interest in high-quality commercial real estate, thanks to an investment vehicle that has rapidly gained in popularity over the last four years, known as a tenant-in-common, or TIC. This trend has raised the stakes for CPAs with clients who are wondering whether a TIC investment is right for them, and if so, which one to select.

How to Get the Right Mortgage

It seems that everyone sells mortgages these days. But finding the right mortgage with the right rate, in a sea of confusing ads and variable interest rate packages can be confusing and often costly if you don't have the best finance and negotiating skills. The lowest rate isn't always the best deal Before signing on the dotted line, there are other factors of the loan that need to be considered, such as points and closing costs. Closing costs are additional fees and expenses necessary in order to finance a property.
Tax

Seller-Funded Down Payment Assistance Programs are Not Tax Exempt

The Sacramento, California-based Nehemiah Corp., a nonprofit mortgage assistance program, and 184 similar programs around the country, have been accused by the Internal Revenue Service (IRS) of operating a down payment scam and are no longer eligible for tax exempt status, the Sacramento Bee reports.

Capital Gains Law, Investment Values Drive Second Home Market

The annual number of second homes purchased in the United States doubled between 2000 and 2004, from 405,000 to 881,000, according to research conducted by the National Association of Realtors (NAR).

Warm Weather Lures Shoppers to Spend; Housing Still Weak

Factories responded to an increase in consumer spending in January, by cranking up production in February.
A&A

Study: Northeast Tax Codes Unfriendly to Businesses

A new study pinpoints the Northeastern states as having some of the worst business tax systems in the country.New York has earned the dubious distinction of having the most unfriendly business tax climate in the country.
Community News

Tax Revenue Lost Over Building Permit Delays

Increasing the efficiency of the building permit process could add millions of dollars in tax revenues and significantly bolster the economic development of communities.

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