Friday, September 21, 2007
IRS Unveils Foreclosures Section of IRS.gov
The IRS’ official website, IRS.gov has unveiled a new section of their website devoted to providing information to families who have had increased tax liabilities due to foreclosures. The IRS is letting families know that although "foreclosures can have tax consequences, special relief provisions can often reduce or eliminate the tax bite for financially strapped borrowers who lose their homes." However, providing relief after people are already in debt to the IRS doesn’t really solve the problem. The only thing in the IRS’ announcement that really seems to address a solution is when they say "the IRS urges struggling homeowners to consider their options carefully before giving up their homes through foreclosure." Unfortunately this is the best we will probably see any time in the near future as the only way to really fix the problem is for Congress to step in and change the tax code so that it no longer considers foreclosure relief taxable income.
Labels:
foreclosure,
home foreclosures,
internal revenue service,
irs,
irs relief,
tax,
tax law,
tax relief,
taxes
Blog Archive
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2007
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September
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- Hawaii’s Jobless Rate Up Last Month
- Treasury Chooses AT&T for $250 Million Contract
- My Open Letter Pleading the IRS to Update Their Ex...
- New IRS Employer ID Application Process
- IRS Unveils Foreclosures Section of IRS.gov
- New Video: 650 HP Corvette ZR1
- Congress Blaming IRS for Foreclosure Problems
- Now Open: RDTC Tax Help Blog
- Tax Penalties of Foreclosures
- IRS Publishes Reminder About School Tax Deductions
- New September/October Tax Watch Now Available
- Court Ruling: Antarctica Is Not A Foreign Country
- Poker Tournaments Must Withhold Taxes
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September
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