Mortgage Forgiveness Debt Relief Act and the Fiscal Cliff (VIDEO)
Many credit the Mortgage Forgiveness Debt Relief Act for much of the housing industry’s recovery in Arizona and throughout the country. Under the IRS Tax Code, debt cancellation or debt forgiveness, such as mortgage forgiveness in a short sale, is considered regular “income” for the taxpayer. Under the code a taxpayer would essentially have to pay taxes […]
Fiscal Cliff Impact on Arizona Real Estate Market and Values (VIDEO)
The Fiscal Cliff could greatly impact the investment sector of the Arizona housing market, and many should find the anti-deficiency statutes of the state provide more protection than originally thought. Real estate owners and investors need to be aware of the impending changes associated with the fiscal cliff, and keep a close eye on their investments, and […]
Fiscal Cliff Impact on Arizona Taxes (VIDEO)
The upcoming Fiscal Cliff will have a direct impact on those of us living in Arizona. Here in the desert we will be impacted in five main ways: Payroll Tax Cuts — These cuts will cause the current payroll tax to go from 4.2% to 6.2% off every check you bring home. Cut to the […]
Fiscal Cliff Explained and Simplified (VIDEO)
The Fiscal Cliff has caused much excitement and concern in the later part of 2012. It is important to understand the “Fiscal Cliff” is used to explain what will happen to us financially on Jan. 1, 2013, if Congress does not take action. It is most easily understood in three primary areas: Tax Cuts […]
