Penalty for Failure to File Income Tax Return Increased
If you file more than 60 days after the due date (including extensions), the minimum penalty is the smaller of $135 or 100% of the unpaid tax.
Real Estate Standard Deduction
Taxpayers can claim an additional standard deduction, based on the state or local real estate taxes paid in 2008. The maximum deduction is $500, or $1,000 for joint filers.
*** Land Contract purchases can qualify. ***
Mortgage Workouts and Foreclosures
For most homeowners, these are now tax-free. Eligible homeowners can exclude debt forgiven on their principal residence if the balance of the loan was less than $2 million. The limit is $1 million for a married person filing a separate return. See Form 982 and its instructions for details.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment