QED's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.comuser/167665/comments http://seekingalpha.com/article/150821/comments?source=feed#comment-601466 601466
Apart from that a nice analysis IF they were to use the unpractical means of "money".]]> Fri, 24 Jul 2009 18:47:52 -0400
Apart from that a nice analysis IF they were to use the unpractical means of "money".]]> http://seekingalpha.com/article/84703/comments?source=feed#comment-204674 204674
It would be good if comments and/or suggestions were kept relevant to the article of the author only. That way we would not have to read lots of unsolicited and often irrelevant comment. If we want general investment advice we can always subscribe for a newsletter.]]> Sun, 13 Jul 2008 19:28:18 -0400
It would be good if comments and/or suggestions were kept relevant to the article of the author only. That way we would not have to read lots of unsolicited and often irrelevant comment. If we want general investment advice we can always subscribe for a newsletter.]]> http://seekingalpha.com/article/72388/comments?source=feed#comment-151269 151269
"Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?

No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

What about refinanced homes?

Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.

Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009."

Walking away may thererefore not only taint your credit rating and affect your future chances on a mortgage. There may also be a further income tax sting in the tail if you walk away when there is recourse for the (remaining) debt and the lender has not agreed to cancel it. For refinanced debt (before 2007) you have to be even more careful. See your tax adviser and lawyer before making things worse.

]]> Tue, 15 Apr 2008 16:40:53 -0400
"Does the Mortgage Forgiveness Debt Relief Act of 2007 apply to all forgiven or cancelled debts?

No, the Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your principal residence, or to refinance debt incurred for those purposes.

What about refinanced homes?

Debt used to refinance your home qualifies for this exclusion, but only up to the extent that the principal balance of the old mortgage, immediately before the refinancing, would have qualified.

Does this provision apply for the 2007 tax year only?
It applies to qualified debt forgiven in 2007, 2008 or 2009."

Walking away may thererefore not only taint your credit rating and affect your future chances on a mortgage. There may also be a further income tax sting in the tail if you walk away when there is recourse for the (remaining) debt and the lender has not agreed to cancel it. For refinanced debt (before 2007) you have to be even more careful. See your tax adviser and lawyer before making things worse.

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