Help for Homeowners with a Federal Tax Lien

There was an article in Wednesday's AZ Republic about steps the IRS is taking to help homeowners who are attempting to refinance or obtain a loan modification but have a federal tax lien on their home. If this applies to you, you'll want to read the article. Just click on the link below.

AZ Republic Article - IRS Helps Homeowners Deal with Federal Tax Lien

First Time Buyer Tax Credit

There has been a lot of talk in the press about the first time home buyer tax credit but not a lot of detailed information. I was unable to find detailed information at the IRS site at this time but the National Association of Home Builders has put a lot of information together at their site FederalHousingCreditTaxCredit.com. The credit is available for people who buy a home between 4/9/08 and 7/1/09. The home can be a resale or a new build. The tax credit acts as an interest free loan and must be repaid over 15 years. As always, we recommend that you talk with your accountant to get specific information about how the credit will benefit you.

Tax-law Changes

I read an interesting article in the AZ Republic today about tax law changes for 2007. If you originated a new loan in 2007 through the purchase or a home or refinancing, you should read the article to see if the deduction applies to you. Additionally, you need to read the article if you had a home which was sold short or foreclosed upon. As always, we recommend that you consult an accountant with any tax questions.

AZ Republic Article - Mortgage Mess Spurs Tax-law Changes

Change in Real Estate Capital Gains Tax Exclusion

Here is a link to an interesting article about real estate taxes. This will only affect a small number of people, those whose spouse passed away, but it seems like Congress did the right thing allowing them two years to qualify for the "married" capital gains exclusion on the sale of their home.

Hardly anybody noticed it, but Congress tucked away a valuable bit of holiday cheer for real estate when it passed its final tax bill of the year.