How Long is Credit Information Retained on Your File

A Credit Reporting Agency may report negative information for seven years. exceptions: Crminal convictions may be reported without any time limitation. Bankruptcy – up to 10 yrs. Response to application for a job with a salary > $75,000 – no time limit. Information reported re: an application for > $150,000 worth of credit or life … More How Long is Credit Information Retained on Your File

Exclusion from Taxation of Mortgage Debt Forgiveness

The Mortgage Forgiveness Deb Relief Act lets homeowners pay no taxes for mortgage debt forgiveness. Previously, if a lender forgave all or part of a mortgage, the borrower was considered to have received taxable income Currently, a taxpayer may exclude up to $2 million of income from the debt on a principal residence that is … More Exclusion from Taxation of Mortgage Debt Forgiveness

FED INCOME TAXES / Capital Gains Tax on Investment Property

Long-term capital gains (held more than 12 months) are taxed at a maximum rate of 15 % ( 5% for persons in the 15% tax bracket). CAUTION: When investment property is sold, depreciation taken during the holding period is “recaptured” & taxed at 25 %. Assume an apartment bldg. purchased nine years ago for $300,000. … More FED INCOME TAXES / Capital Gains Tax on Investment Property