Is there a 2008 tax credit for homeowners who lost their home in foreclosure?
June 16th, 2009 | by admin |I was watching the news and heard there is a tax credit for homeowners who lost their home during 2008…..I am looking for additional information. Thanks
no. There is no credit. But there may be tax consequences. I strongly suggest you see a tax professional this year.
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6 Responses to “Is there a 2008 tax credit for homeowners who lost their home in foreclosure?”
By Kevin R on Jun 17, 2009 | Reply
No
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By taxlady on Jun 17, 2009 | Reply
no. There is no credit. But there may be tax consequences. I strongly suggest you see a tax professional this year.
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By John W D on Jun 17, 2009 | Reply
Actually it is a tax debit. It means you must pay an additional tax of $2,000 for a single filer for being a deadbeat. You should be real proud of yourself for what you did to the economy. What the gov't should do is send all who had their homes foreclosed to 1 year in prison.
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By AB on Jun 17, 2009 | Reply
From 2007 to 2012, homeowners will be allowed to exclude foreclosure income from taxes. This is a temporary measure because of the economic stimulus act.
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By Wayne Z on Jun 17, 2009 | Reply
Sort of but not really.
Prior to 2007, if your home was foreclosed, there was a good chance that you had forgiveness of debt income. They got rid of that for a few years but there are no deductions or credits if you lost your house.
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By Jss on Jun 17, 2009 | Reply
1. You may have to report sale on Schedule D (Form 1040).
2. Any debt canceled is your income.
3. If you lived in the house for two years and owned it for two years in last 5-years, you may be eligible to exclude gain of up to $250,000.
Read about foreclosure or repossession http://taxipay.blogspot.com/2008/08/foreclosure-or-repossession-of-main.html
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