We were advised to seek income tax advice - Why?
Your income tax advisor can explain the potential income tax consequences resulting from the foreclosure avoidance plan you are considering.
It's common to receive a 1099-C (Cancellation of Debt) form issued by the lender(s) and reported to the IRS. The American Recovery and Reinvestment Act provides some tax relief under specific rules and tax years. Additionally, new Net Operating Loss Carryback provisions have been provided under the Worker, Homeownership, and Business Assistance Act of 2009. Be sure to discuss and coordinate consequences and strategies for the tax periods for which the tax code applies and the tax period you will execute your option. Some tax strategies might include converting a primary residence to a rental, holding a property beyond a number of months or years to avoid local tax assessments based upon speculative investment tax rules, or converting a rental property to a primary residence. This is just a few reasons to seek income tax advice. A tax advisor will look at your specific situation, tax years and plan of action.
Call Dennis 602-908-2136 or email now to schedule a private and confidential consultation.
The Fedele Team
Keller Williams Realty East Valley
Dennis C. Fedele
Designation:
Assoc. BROKER, MBA, MRE, CDPE, Eqtr, 5 Star REO
Phone:
602-908-2136
Mobile:
602-908-2136
Fax:
866-300-2320
Email
Designation:
Assoc. BROKER, MBA, MRE, CDPE, Eqtr, 5 Star REO
Phone:
602-908-2136
Mobile:
602-908-2136
Fax:
866-300-2320
