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In my opinion, the capital gains tax exclusion that was granted to homeowners under the Taxpayer Relief Act of 1997, is the single best, wealth-building opportunity, that’s ever been made available to the average American. That’s because, under Section 121, of the Internal Revenue Code, a single homeowner can exclude, up to $250,000, from the Continue reading… How to Earn Tax-Free Income as a Serial Homebuyer Troy A. Beam was convicted today in the Middle District of Pennsylvania before U.S. District Judge Christopher C. Conner. Beam, a resident of Shippensburg, Pa., was convicted of tax evasion, obstructing and impeding the due administration of the Internal Revenue laws and willful failure to file federal income tax returns, Continue reading… Pennsylvania Home Builder and Landlord Convicted of Tax Fraud I first wrote an article on this topic a little over two years ago as the foreclosure rate was rising and borrowers were concerned about where they stood with the IRS with regard to “mortgage forgiveness”. Well, here we are today with the same issues looming over many people, so I thought I would Continue reading… the Mortgage Forgiveness Debt Relief Act of 2007 – Update Dennis Norman Time is running out to take advantage of two tax credit programs that are a result of the expanded recovery act: The “Nonbusiness Energy Property Credit” and “Residential Energy Efficient Property Credit” programs both offer homeowners the opportunity to receive tax credits for energy-efficient upgrades, but the programs end this year.
Dennis Norman Hi, I’m from the IRS and I’m here to help you This time it’s true….today the The Internal Revenue Service (IRS) issued guidance providing relief to homeowners who have suffered property losses due to the effects of certain imported drywall installed in homes between 2001 and 2009. IRS Revenue Procedure 2010-36 Continue reading… IRS Provides Relief for Homeowners with Corrosive Drywall Dennis Norman As the real estate market and industry continues to struggle to try to pull out of the dumps, another blow could come soon from Congress in the form of new tax burdens on real estate. Congress is proposing that all owners of rental properties be required to complete and file 1099 forms for all Continue reading… Congress Considering New Tax Burdens on Real Estate Dennis Norman Today the Internal Revenue Service released a new form that eligible homebuyers must need to use to claim the first-time homebuyer credit this tax season, along with instructions and guidelines for other documentation that must accompany your tax return. First-Time Homebuyer Credit Extended to April 30, 2010; Some Current Homeowners Now Also Qualify WASHINGTON — A new law that went into effect Nov. 6 extends the first-time homebuyer credit five months and expands the eligibility requirements for purchasers. The Worker, Homeownership, and Business Assistance Act of 2009 extends the deadline for qualifying Continue reading… New updated info from IRS on Homebuyer Tax Credit By: Dennis Norman Dennis Norman “I’m from the IRS and I’m here to help you.” Yeah, sure. Actually, in this case the IRS is trying to help. The IRS has a website and has even published a video on YouTube to help first-time buyers and potential buyers understand the first-time home buyer tax credit as well as Continue reading… First-time homebuyer credit provides tax benefits to 1.4 million familes to date according to the IRS The Internal Revenue Service this week announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme. On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax Continue reading… IRS Warns Taxpayers to Beware of First-Time Homebuyer Credit Fraud |
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