Income Taxes on the Abandonment, Foreclosure or Repossession of Property

Income Taxes on the Abandonment, Foreclosure or Repossession of Property Dispositions of property include sales and exchanges, but also include abandonment, foreclosures and repossessions. For U.S. federal income tax purposes, you can have a gain or loss on these types of dispositions. When you abandon property, you voluntarily and permanently give up possession with the …

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Foreclosure Filings Down 3%

Foreclosure activity slipped 3 percent in November when compared to the previous month, but filings at various stages of the process showed starkly different movements, according to RealtyTrac’s latest market report. Scheduled auctions hit a nine-month high following the default surge that began in August. At the same time, RealtyTrac says REO activity is at …

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GSEs’ Long Run of Declining Delinquencies Comes to an End

For the first time in over a year neither Fannie Mae nor Freddie Mac are showing any downward movement in their seriously delinquent mortgage rates. Fannie’s percentage of single-family loans at least three payments past due remained unchanged between the months of June and July at 4.08 percent, according to the latest monthly summary report …

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Industry’s Shadow Inventory of Distressed Homes Shrinks

Housing has become an industry afraid of its shadows. That shadow inventory of repossessed and soon-to-be repossessed homes has professionals from every side of the business worried about the impact such a sizeable volume of distress will have on property values and overall market fundamentals. But according to Standard & Poor’s (S&P), the obscurity hiding …

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