If you are an investor, it is likely that at some point you have made an investment that went bad. The IRS won’t give you back the money you lost, but Uncle Sam will let you take a deduction for the loss. Find out more here.
Set to expire on December 31, 2012, the Mortgage Forgiveness Debt Relief Act of 2007 gives taxpayers restructuring home loans or losing their homes via foreclosure or short sale a chance to avoid the tax hit from the canceled debt. Find out more here.
Certain capital expenditures for small businesses qualify for the Section 179 expense election. If so, your business can choose to immediately expense. Section 179 limits decrease as of 1/1/2012. Find out more here.
California Governor Schwarzenegger signed into law a bill that will provide tax relief for California taxpayers whose mortgage debt on their primary residence was partly or entirely forgiven by lenders in 2009.