Dinar_OS
10-16-2008, 04:10 PM
http://money.cnn.com/2008/10/15/news/economy/bailout_tax_credits.moneymag/index.htm
8 tax goodies in the bailout plan
Here's a rundown on what's new, and what has returned, so you can make sure you're not handing Uncle Sam any more than what you have to.
A quick fix for the AMT. Once again, the government has approved a one-year patch to keep many middle-class taxpayers - about 23 million, according to the tax information publisher J.K. Lasser - out of the reach of the alternative minimum tax in 2008. The law ups the exemption amount this year to $69,950 for joint filers and surviving spouses and $46,200 for single taxpayers. But Congress will have to act again in 2009 for these middle income folks to dodge the AMT going forward.
Mortgage debt forgiveness. The law brings some good news for homeowners who foreclose, sell for less than they owe or restructure their mortgage with their lender. Traditionally, when a lender forgives any mortgage debt, the cancelled debt is treated as taxable income. So previously if you had lost your home, you would have also faced a big tax bill. Double whammy.
More goodies to view.
8 tax goodies in the bailout plan
Here's a rundown on what's new, and what has returned, so you can make sure you're not handing Uncle Sam any more than what you have to.
A quick fix for the AMT. Once again, the government has approved a one-year patch to keep many middle-class taxpayers - about 23 million, according to the tax information publisher J.K. Lasser - out of the reach of the alternative minimum tax in 2008. The law ups the exemption amount this year to $69,950 for joint filers and surviving spouses and $46,200 for single taxpayers. But Congress will have to act again in 2009 for these middle income folks to dodge the AMT going forward.
Mortgage debt forgiveness. The law brings some good news for homeowners who foreclose, sell for less than they owe or restructure their mortgage with their lender. Traditionally, when a lender forgives any mortgage debt, the cancelled debt is treated as taxable income. So previously if you had lost your home, you would have also faced a big tax bill. Double whammy.
More goodies to view.