the economic down turn is a great loss to many common Americans. In California it is a huge deal many people were caught and they don;t know what to do. The government has provided their solution is the hopes that it will save California from the woes of a long and bitter recovery. This time at least the government did something for us.
The program the have introduced is the mortgage relief act. California has got it passed though and into law because they needed it more than the other states. It is the hope of many in California that this will provide the relief needed to many struggling families.
This plan is predicted to help a lot of people in that state alone. Many of them desperately need the help or be forced out onto the streets.
Most people don't understand what the bill does. Let try to get it in plain English. In California you were required to pay taxes on anything that was forgiven on your debts. So If the bank cut you a deal to balance your mortgage then you have to pay at tax time. This was really bad with people already struggling.
This new law eliminate this tax. You do not have to claim it on your taxes and this is good news. There are a few restrictions. First is does not apply to people who are forgiven more than half a million dollars. Second it must be your primary residence. Th rid it is a limited time offer it expires in 2012.
If you have already file your taxes you can still get some help. But you need to take this new information to your tax preparer and ask them to file it for this year.
This may be the thing that pulls California out of this mess and gets dreams moving forward.
You could be helped so check the state website and get all the details.
The program the have introduced is the mortgage relief act. California has got it passed though and into law because they needed it more than the other states. It is the hope of many in California that this will provide the relief needed to many struggling families.
This plan is predicted to help a lot of people in that state alone. Many of them desperately need the help or be forced out onto the streets.
Most people don't understand what the bill does. Let try to get it in plain English. In California you were required to pay taxes on anything that was forgiven on your debts. So If the bank cut you a deal to balance your mortgage then you have to pay at tax time. This was really bad with people already struggling.
This new law eliminate this tax. You do not have to claim it on your taxes and this is good news. There are a few restrictions. First is does not apply to people who are forgiven more than half a million dollars. Second it must be your primary residence. Th rid it is a limited time offer it expires in 2012.
If you have already file your taxes you can still get some help. But you need to take this new information to your tax preparer and ask them to file it for this year.
This may be the thing that pulls California out of this mess and gets dreams moving forward.
You could be helped so check the state website and get all the details.
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