Friday, March 23, 2012

Top 10 Free Apps for New IPad

So you have a brand new IPad (or like me, want one)!  Social Networx, Inc. is suggesting the top 10 free apps.  If you don't already have them, check them out!

Top 10 Free Apps for New IPad

Thursday, March 8, 2012

Cancellation of Mortgage Debt and Your Tax Return

Linda Goold, Tax Counsel for the National Association of REALTORS® recently wrote an article for RISMedia’s Real Estate magazine advising consumers how to handle cancellation of mortgage debt on their tax returns. She offered some great information that is worthy of sharing.

According to Goold, in today’s market, a lender will sometimes forgive some portion of a borrower's debt. The general tax rule that applies to any debt forgiveness is that the amount forgiven is treated as taxable income to the borrower. Some exceptions to this rule exist and a law enacted in December 2007 provides relief to troubled borrowers when some portion of mortgage debt is forgiven. However, this relief expires on December 31, 2012. Goold provides the following general information you need to know about this law and cancellation of mortgage debt. Be sure to review this information with your accountant or personal tax advisor before filing this year’s tax return: