Tax Assistant Recruitment 2009
Teaching prospects scope out a thin market
When Jenelle Holmes started as an education major at St. Joseph’s College, she remembers being told it was a great time to become a teacher, “because in four years all the baby boomers will be retiring.”
Neighborhood Schools
Tax Refund Govt Nz
Warning over bogus IRD emails
Inland Revenue is warning customers not to respond to a hoax email claiming to offer the recipient a tax refund.
Maori Songs TE HOKINGA MAI (with Lyrics) #2
Electronic Filing California
Litigation, Mediation & Arbitration
The Ontario Ministry of the Attorney General has made sweeping changes to the Superior Court of Justice’s Rules of Civil Procedure . The primary objective of the revisions, which took effect January 1, 2010, is to make the judicial system more accessible and more affordable.
Steven E. Jones on Nanothermite – Part 1 of 12 – Sacramento, California, April 30, 2009
Taxable Income From Rental Property
Question: how does applying passive rental property loss to w-2 income after rental property sell or foreclosure work?
I have a rental property that has approximately an accumulated $100,000 in passive loss. If I let this rental property go into foreclosure, can I apply the $100,000 passive loss against my annual w-2 income of $300,000? Does that mean that for the tax year of 2009 that my Taxable Income will be reduced down to only $200,000? This question is regarding passive loss after the sell or foreclosure of a rental property and NOT the tax effects while I still own the property.
Answer: I suggest you hire a professional and double check their work if you lose the house.
On your 1040, you will show your income of $300,000 (nice).
You will show the passive loss on the schedule E as you will have disposed of the property.
Any shortfall on the loan (aka cancelled debt on 1099-C) goes on schedule E in the year you get the 1099-C.
You will show the forelosure on form 4797. If it’s a gain, it flows through schedule D and if it’s a loss, it flows to line 14.
Tax changes advice heralds doom
PROPOSED CHANGES to the tax treatment of property investments will be the final nail in the coffin of the debt-funded, low-yielding residential property investments popular during the boom.
No Income Verification Mortgage Rates
Question: Mortgage FAQs?
Having done mortgages for 18 years, here are some basics to be aware of:
a) Do not borrow more than you want just because your loan officer tells you “you qualify for it no problem”. Remember, you are making the payment not him/her
b) No income verification is NOT a substitute for getting a loan when you do not show enough income to qualify. If you have to lie, you should not be buying a house
c) Your house is an investment; thus, your mortgage should reflect responsibility toward current and future income, potential debts (i.e. car, personal loans, student loans, etc)
d) PayOption ARMS are NOT loans that you pay back at 1.25% — if the true rate were that low then fixed rate loans in the high 5′s / low 6′s would not exist — think about it for a second.
e) Be honest with your loan officer — the more forthcoming you are the more he/she can truly help you.
Helping people buy homes is a great job -contributing to their financial demise is something I cannot do.
Answer: This wasn’t a question. But I bet that you work or have worked for a subprime lender and are feeling a little guilty about some of their policies, right?
Legal Notices in the January 28th Edition of the St. James Plaindealer.
January 28th Legals