Mortgage Archives - John R. Dundon II, Enrolled Agent
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Mortgage

20 Aug

Posted at 00:00h in Debt, Disallowed Expenses, IRS Appeal, IRS Audit, IRS Examination, Marriage, Mortgage, Paying Taxes, Tax Filing Status, Tax Guidance & Preparation

Taxpayers living in Vail Colorado contacted me most recently to represent them in an IRS audited covering tax years 2009, 2010 and 2011 relevant to several small items but specifically to the mortgage interest deduction claimed on Schedule A of form 1040. The taxpayers are domestic...

12 Jul

Posted at 00:00h in Bankruptcy, Debt, IRS Centralized Insolvency, Mortgage, Tax Guidance & Preparation

This post is a brief review of IRS Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonment (For Individuals) as it relates to mortgage debt forgiveness. If your debt is reduced or eliminated you normally will receive a year-end statement, IRS Form 1099-C, Cancellation of Debt from your lender. By law,...

09 Dec

Posted at 00:00h in Mortgage

I received a fascinating question on mortgage interest allocation and IRS Publication 936 for tax deduction purposes. This post summarizes and clarifies further. For example You have a $110,000 mortgage outstanding on your primary or secondary residence This residence is valued at $350,000, and you refinance...

15 Oct

Posted at 00:00h in Mortgage, Tax Guidance & Preparation, Tax Problems & Requests, Tax Refund, Tax Relief, Taxable Income

The IRS today ruled that indebtedness in excess of $1 million incurred to acquire, construct, or substantially improve a qualified residence may constitute home equity indebtedness within the meaning of § 163(h)(3)(C). Rev. Rul. 2010-25, 2010-44 I.R.B. ___ (Nov. 1, 2010). In the ruling, a taxpayer who purchased...

26 Aug

Posted at 00:00h in Cost Segregation, Depreciation, Like/Kind Exchange, Mortgage, Net Operating Loss, NOL, Passive Activity, Rental Real Estate, Tax Deductible Expenses, Tax Guidance & Preparation, Tax Problems & Requests, Taxable Income

As part of the IRS's continuing efforts to require greater disclosure of tax positions and strategies on returns, it recently released new, mandatory disclosure rules for grouping passive activities. Rev. Proc. 2010-13 for the first time mandates that passive-activity groupings and regrouping, as required under...

04 Mar

Posted at 00:00h in Debt, Mortgage

If your mortgage debt is partly or entirely forgiven during tax years 2007 through 2012, you may be able to claim special tax relief and exclude the debt forgiven from your income. Here are 10 facts the IRS wants you to know about Mortgage Debt...

03 Dec

Posted at 00:00h in Debt, Foreclosure, Mortgage

Congress has extended the tax exclusion for forgiven mortgage debt through 2012. There is a $2 million limit ($1 million for married individuals filing separately) on this tax exclusion, and the loan must have been used to buy or improve your principal residence. Under previous...

31 Mar

Posted at 00:00h in Mortgage

If you refinanced your home mortgage you may be eligible to deduct some costs associated with getting the new loan. The term "points" is used to describe certain charges paid to obtain a home mortgage. Here are some things to remember when deducting points: Taxpayers who itemize deductions...

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