tax lawyers Rochester mn

Mortgage Debt Forgiveness Tax Relief: Basic Facts

Mar 9th, 2011 | By | Category: Legal Notes, st paul tax lawyers, tax lawyers Rochester mn

Normally, debt forgiveness results in taxable income. However, under the Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude up to $2 million of debt forgiven on your principal residence during tax years 2007 through 2012. The limit is $1 million for a married person filing a separate return. You may [...]

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Home-Buyer Credit: New Form 5405

Jan 26th, 2010 | By | Category: Legal Notes, minneapolis tax lawyer, tax lawyers edina, tax lawyers Rochester mn

On January 15, 2010, the IRS released a new Form 5405 that eligible homebuyers need to claim the first-time homebuyer credit this tax season and announced new documentation requirements to deter fraud related to the first-time homebuyer credit. The new form and instructions follow the major changes to the homebuyer credit made by the Worker, [...]

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