Blown Mortgage - Latest Comments in Tax Tips for home buyers, owners and sellers

Re: Tax Tips for home buyers, owners and sellers

Morgan Brown — Wed, 31 Dec 2008 21:40:05 -0000

Hey all thanks for your comments. As Jay says the best thing to do when it comes to taxes is to contact your tax attorney or accountant. We're just writers and former mortgage folks here - definitely not experts at the tax code. Seek professional advice!

Re: Tax Tips for home buyers, owners and sellers

Jay Hammond — Wed, 31 Dec 2008 18:58:10 -0000

Ken,

The best advice for someone who has sold a home for a loss is to consult their accountant or tax planner (and I would definitely suggest hiring an enrolled agent in this situation). I believe this situation would qualify as a capital loss but I am NOT a CPA. You might also want to look at the "IRS speed Lien Relief" at http://blownmortgage.com/20... and the IRS website at www.IRS.gov for more information.

Thanks for the kind words!

Re: Tax Tips for home buyers, owners and sellers

BoulderLoanRanger — Wed, 31 Dec 2008 12:33:01 -0000

Excellent advice and once more people understand this than Real Estate should explode and Mortgage activity can pick up again - especially here in Boulder CO!
Txs!
Can we reprint and send this article?
Steve Higgins
Boulder Loan Ranger
www.BoulderLoanRanger.com

Re: Tax Tips for home buyers, owners and sellers

Ken Hudak — Wed, 31 Dec 2008 11:18:50 -0000

Are there any tax breaks or benefits to selling a home at a loss? How about entering into a Lease-to-own agreement when the house is worth less then was paid for?

Thanks. And great articles!