Mario Sibayan
Mortgage Forgiveness Debt Relief Act Extension 2015 and 2016
I was enthusiastic when I read an article about debt relief act which has to do with Short Sale. Part of the article from windermere.com dated March 26, 2015:"Senators Dean Heller (R-Nev) and Debbie Stabenow (D-Mich)...
Bob Malecki
Significant Modification and Phantom Income
We are finalizing our new private equity fund to acquire both first and second residential NPLs. Our current tax accountant has provided us info on the phantom income component which can result if performing a "signif...
Todd Willhoite
Short sale and income tax consequences to seller
I entered into a short sale contract June 3, 2016. The bank has taken a long time to approve and now they say we need to close in 3 weeks. The seller is now concerned that he may have income tax liability on the amo...
Joseph Skoler
Tax question related to note purchase
I really need help making the best tax situation here.I bought a note (owner in my name) from a bank at a discount. For ease of analysis, lets say I paid $10,000 on a note with a balance due of $100,000.I then bought...
David Eisen
Tenants owing a lot of rent and Forgiveness of Debt
Has anyone use forgiveness of debt if a tenant leaves/evicted owing back rent money? A quick google search... If a creditor discharged a debt of $600 or more, you should receive a Form 1099-C from the IRS showing the ...
Robert P.
Personal Ownership ---> LLC
I am looking to purchase a 3 unit property and live in it and rent out the other floors. If I end up moving out and just use it as a investment property, am I able to file for LLC? Can I file for it while I am living ...
Kris Haskins
USDA short sale deal falling apart, NEED HELP !?!?? SOS
Hey BP Fam, I have an approved short sale with USDA, the letter states they will accept my offer and it has the net amount on the letter. The seller is worried the IRS will count the difference between the sales pric...
Marc Belisle
The much-debated student debt issue
Hi all, I've been reading a lot of posts going back a couple of years on student debt and REI. There are many opinions and I find that each situation is different based on age, job and where someone is in their life. ...
Heather Faires
Evictions
Hello Group!I'm curious. Have you or anyone you know used a unique or interesting way to remove an undesirable tenant from your property. I'm not interested in traditional evictions (unless it's a great story!)I plan ...
Michelle Lim
1099-c foreclosure help
I have a question about 1099-c on a forclosure. I have heard of the debt relief act and want to see if you think we will qualify to use it. We bought our 1st home when my husband was in the military and we lived the...