If you wondering how to get foreclosure Tax relief, this presentation from ForeclosureDeals.com covers important options available for you. Watch it now and get them!

1. How to Get
Foreclosure
Tax Relief
Contents
If you borrow money from somebody and do
Introduction ..…………………………...1
not repay some or all of it, then the Internal
Revenue Service says that you received an America Tax Laws………..……….…...2
income, and as we know, they tax all incomes Form 1099-C…………………..………….2
too. This has undesirable side-effects for
Assets and Liabilities………………....2
those whose homes are foreclosed because
they also have to pay tax on the experience Payment agreement…….………......3
too. This is not always necessary, though.
Here is how you might be able to avoid it.

2. 2
American Tax Laws
American tax law says that when a debt forgiven in
foreclosure exceeds the fair market value (FMV) of the
mortgaged house, then the difference is income, and
therefore taxable. That is because the borrower “received” a
greater benefit than they would have if they had sold the
house themselves.
Form 1099-C
Your lender is obliged to provide you with a Form 1099-C on
which the debt forgiven and the FMV both appear. If your
home has already been auctioned, the FMV will be the sale
price. If not, your lender may have indicated a higher estimate.
This is one good reason not to let things like this drag on – if
you are lucky, the estimated higher FMV could be to your tax
advantage. In either case, determine whether the foreclosure
resulted in a "taxable income” or not.
What’s does that mean? Assets and Liabilities
For more terms and definitions,
check out ForeclosureDeals.com’s You may offset any negative net worth against a “profit” on a
glossary page:
http://www.foreclosuredeals.com/G foreclosure. This is easy to calculate too. Simply estimate the
lossary.php
value of your total assets (car, television, clothes etc) and
compare this with the total of your outstanding debt. If the
result is a negative value, this can come off your “taxable
foreclosure income” too, potentially helping you to manage
your foreclosure tax obligations even more.

3. 3 Payment Agreement
Foreclosure Deals
12550 Biscayne Blvd, Suite 306
If your calculations fall to your advantage, contact the
Miami, FL 33181
FAX: 1-347-402-6620 Internal Revenue Service right away. If you still owe
Contact@foreclosuredeals.com
“foreclosure income tax”, that could be a good opportunity
If it’s not a deal, we won’t list it here!
to negotiate a further reduction in your overall tax liability.
Find us on the Web:
http://www.ForeclosureDeals.com/