Taxable Debt in a Short Sale

Up to 2 million in taxable income may be forgiven for the years 2007 through 2012 according to IRS Mortgage Debt Relief Act of 2007.This law prevents debt forgiven by a lender from being counted as income by the IRS. HR 3648. If a homeowner negotiates any type of short sale with a lender, the homeowner will not be liable for any taxes on the forgiven debt. Click on the title to read more.

Wall St Journal Article Today. If you want a house that's environmentally friendly, here's what to look for

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Real Estate Tax Appeal Deadline February 20. 2010

It is not too soon to begin planning if you are thinking about filing tax appeal for your New Canaan property taxes. By statute, property owners who wish to challenge their tax assessment on the October 1. 2009 Grand List must file an appeal with the Board of Assessment Appeals by February 20, 2010. An appeal must be based on appropriate legal and valuation grounds, never on a mere belief that the taxes are "too high". If you have any questions, call me to discuss.