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Video instructions and help with filling out and completing How to report oid on tax exempt bonds
Instructions and Help about How to report oid on tax exempt bonds
Weiss & Associates presents the short sale seller an unrealized lifetime benefit of this real estate process there are many professional real estate brokers who offer specialized services in helping homeowners with the short sale process Americans have heard of the cyclical nature of the property values that occur across the 50 states of the union people find themselves upside down financially at times vigorous solutions lawful ones are needed to help resolve this distress on any family in researching this subject we came across a firm by the name of the Napoli group and their website the Napoli group com they have a short discussion on the aspects of the short sale process and mention many factors of benefit to the homeowner who's having financial difficulty and it impacts their current home it's well presented and informative but we have no association with them Weiss & Associates has viewed a number of real estate professionals youtube videos on this subject but we particularly like the Napoli presentation explaining the short sale similar benefits when they're faced with the current financial situation the end of the transaction shows that the seller is able to unload the property to avoid bankruptcy as the bank lowers the mortgage amount in order to avoid the headaches they have in dealing with foreclosed property will not go into all of these professional real estate agents discuss but we did come across something that was emitted by virtually all the videos we reviewed on the short sale process in regard to the seller that issue is the gap between what the seller had as a mortgage amount on the original loan these Ave the new amount for the transaction made by the new buyer the easiest way to express this difference is by the term mortgage gap at the end of the short sale process the seller has salvaged his financial credit with the sale of his own but soon discovers that the lender of the mortgage has created a tax class 5 information return and sent it to the IRS the information return reflects the mortgage gap that was a perceived financial benefit by the short sale seller so now the seller has a surprise at the end of the year if they are identified as a statutory US taxpayer based on the tax class 5 information return the IRS proceeds to claim that the short sale seller has actually gained financially from the mortgage gap which lowered the price of their former home in order to sell it and to retain their creditworthiness for a later home purchase depending on the original mortgage value of the loan the lender made to the short sale seller at the beginning of their home purchase that text bill can be huge this is added to their current year's claim of income due to the lenders sending in the tax class 5 information return for example if the short sale seller had a home mortgage of.