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Real Estate Price Gains Attract New Buyers To Malta
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There are numerous different environments you can find in the United States. If you love the desert, the open plains, the mountains, or the ocean, you will be able to find a home where you'll want to live. Reston, Virginia, provides some unique advantages that you may not be aware of.
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Klinedinst Helps Coldwell Banker Successfully Defend Real Estate Agent Accused of Fraud in Multi-Million Dollar Building Sale
Kevin J. Gramling from the California law firm of Klinedinst PC helped defend Coldwell Banker Residential Brokerage in a lawsuit alleging negligence, breach of fiduciary duty, and fraud. The case revolved around the sale of a multi-million dollar medical building, in which the buyer and seller were contesting whether the license to operate the building's surgery center was included in the purchase. After resolving their dispute, Plaintiffs sought damages against Coldwell Banker and its agent for close to $1 million. After weighing the evidence, the jurors agreed that Coldwell Banker and its agent's actions did not result in any actionable damages for the Plaintiff, and rendered a defense verdict on all claims for Coldwell Banker R...
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Steve Jarrett With Nor-Cal Realty Solutions is Proud to Announce a Large Increase in Real Estate Within his Inventory as of Late
Steve Jarrett with Nor-Cal Realty solutions is proud to announce a large increase in real estate within his inventory as of late.
Jarrett hopes to extend the opportunity of new homes to local buyers because he's interested always in the best deal for the client. By taking advantage of the current market conditions, now may be the best time in years to get a piece of property in the Northern California area for quite sometime.
Foreclosure Are Hot For Investors Right Now
Foreclosure is a hot topic right now. You can listen to the radio or watch the news on TV without hearing about foreclosure. Foreclosures on real estate are at an all-time high right now. Due to the sub-prime mortgage debacle and the balloon interest payments coming due for many mortgage holders right now, many people are unable to make their mortgage payments which leads to the banks foreclosing on their houses. There have also been small lending companies that have been forced into bankruptcy. These finance companies can't pay their loans back to the holding banks which also leads to foreclosure on properties that they have financed. It is quite a mess.
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JK Harris Urges Homeowners Nearing Foreclosure To Know Tax Consequences
North Charleston, S.C. (Vocus) October 16, 2007 -- David Bauman, an Enrolled Agent for JK Harris (www.jkharris.com), the nation?s largest tax representation firm, says lenders have been extending loans to borrowers over the last few years that should not have qualified for such loans. He predicts foreclosures will continue to rise across the nation and that this will create ?relief of debt? income.
?When taxpayers get a 1099-A or 1099-C notice from their lenders, they should contact a tax professional to see if there is anything that can be done to assist them with getting tax relief on this type of income,? said Bauman.
Borrowers whose debt is reduced or eliminated should receive Form 1099-C at the end of the year. This form must show the amount of debt forgiven and the fair market value of property given up through foreclosure.
?One client I worked with a few years ago was talked out of including his home in his bankruptcy; it was a big mistake. The bankruptcy would have excluded him from having to claim the relief of debt as income,? said Bauman, who joined JK Harris in 2002. ?Although a client should always consult their bankruptcy attorney to consider all tax aspects, it is generally recommended that the home be listed in the bankruptcy discharge.?
A bill has recently passed the United States House of Representatives offering relief to taxpayers experiencing relief of debt income that results from a foreclosure. This means that the home must be foreclosed on and the home sold via foreclosure sale for this type of relief to apply to the homeowner. It is important to note that this type of relief is only applicable to personal residences; it does not apply to rental or vacation homes.
Bauman stated that JK Harris couldn?t provide any customer examples on the subject of foreclosure tax relief because the company is not yet seeing customers affected by this type of income. He is expecting that there will be an explosion of taxpayers seeking assistance with this issue later this year and in 2008.
Bauman added that any homeowner going through a bankruptcy should contact their bankruptcy attorney to ask specifically which delinquent tax periods qualify for discharge so that when they come out of bankruptcy, they owe less to the IRS and State. It is also important that they work with professionals to determine how they lost their home.
?Too many times I have seen people come out of bankruptcy still owing taxes that should have been discharged. It happens too frequently,? concluded Bauman.
The IRS recently announced a special new section (http://301url.com/cyt) on its website for homeowners affected by this. This information comes with the reminder that although mortgage workouts and foreclosures have tax consequences, there are special relief provisions available that can help reduce or eliminate tax penalty for these financially strapped borrowers who have lost their homes. Taxpayers will have to wait to see if the bill for foreclosure debt relief passes the Senate and ultimately, the White House.
About JK Harris:
JK Harris & Company, LLC, (www.jkharris.com) based in North Charleston, S.C., is the nation's largest tax resolution firm and has served over 200,000 customers since its founding in 1997 by John K. Harris. JK Harris consultants are available to meet with consumers in over 425 locations nationwide by appointment only. The company also provides services for student loan debt, investment fraud, fee-based financial planning, tax return
Corporate Headquarters
4995 Lacross Road, Suite 1800 ? Charleston, SC 29406
TOLL-FREE 1-888-833-5156 ext. 2288 ? FAX 1-888-554-3289
www.jkharris.com
Contact
Josh Baker
843-576-2255 ext. 2288
E-mail: jobaker(at)jkharris.com
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