California Home-Price Cuts End Sales Losing Streak
May 27 (Bloomberg) — Housing demand in California, where one out of every eight U.S. residents lives, is reviving as bargain hunters buy foreclosed properties, reversing a two-year slide in home sales.
Sales in the state increased 2.5 percent in April, following 30 consecutive declines, the California Association of Realtors said in a May 23 report. […]
Foreclosure filings hit record in April
By Kenneth Musante, CNNMoney.com staff writer
Last Updated: May 14, 2008: 8:08 AM EDT
U.S. foreclosure filings reached a record high in April, rising almost 65% over the previous year and putting municipalities at risk by cutting into the value of taxed property, according to a study released Wednesday.
Some 243,353 households, nearly one in 519, received a […]
U.S. to Seek Client Names From UBS In Tax Case
From Wall St Journal 5/15/08 article
“U.S. prosecutors are expected to confront Swiss banking giant UBS AG with a broad subpoena for the names of wealthy American clients who may have used its services to avoid income taxes, according to lawyers and others involved in the case.
The subpoena would follow an indictment, unsealed Tuesday in Florida […]
Baseball star Canseco loses home to foreclosure
LOS ANGELES (Reuters) - Former U.S. baseball star Jose Canseco said on Thursday he had lost his California mansion to foreclosure — one of the first celebrities to publicly admit being a statistic in the U.S. housing crisis.
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U.S. Income Tax/Real Estate Foreclosures
Under IRC § 61(a)(12), a Taxpayer realizes income to the extent of debt forgiveness. Income must be recognized when a taxpayer satisfies or retires a loan for an amount less than the loan’s full face value. The taxable income is the difference between the face amount of the debt and the amount accepted as consideration […]
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