With the economy in the slump it has been for the last several years we are seeing more clients in financial straits. One of the most prevalent results of this economy is repossessions and foreclosures being on the rise. Over the next several days I will explain the ins and outs of this process and how it effects your income taxes.
Let’s start with some definitions:
A foreclosure is the legal process by which a lender deprives the debtor of the property that the loan is secured by. Foreclosure is most often seen in reference to a mortgage on real property. And when talking about foreclosures in this text, unless otherwise identified, you Read more