Avoid paying taxes on forgiven mortgage debt - CBS News

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Avoid paying taxes on forgiven mortgage debt. By Ilyce Glink January 29, 2013 / 9:58 AM / MoneyWatch (MoneyWatch) It could be the ultimate tax kick in the gut -- if you don't know how to stop it. ...

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"In my state, the banks send a notice saying that you owe taxes on the unpaid debt," he wrote. He's right. In many states, any part of a mortgage that the bank forgives is reported as taxable income.

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One of the purported benefits of cloud computing services like Amazon Web Services (AWS) is lower overall cost of ownership. This principle is that, by passing on the cost of purchasing hardware ...

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Latest tax news and how to tackle your taxes with the help of the experts from MoneyWatch and CBS News

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Pickering pointed out "the example of a couple that filed jointly, whose household income is $65,000, and one spouse has insurance and one doesn't. They could end up owing a penalty of $447.

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If you hate paying taxes, pay attention to where you live. Residents of the nation's lowest-tax states pay less than one-quarter of the levies contributed by those in the highest-tax states.

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The exception: Paying with a 0% APR credit card could be more cost-effective than setting up an installment agreement, if you can pay off your balance before the promotional period ends.

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What to do if you owe taxes but can't pay. By Ray Martin ... You could ask for a loan from a relative, a friend or a bank (though approval may be tough given your financial situation). You could ...

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A substantial percentage of undocumented immigrants in the U.S. pay billions in taxes annually and own their own homes, according to a 50 state report from the Institute on Taxation and Economic ...

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The IRS said for now authorities are denying renewal of passports rather than revoking them. But the law does allow the State Department to cancel current passports of tax debtors.

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HSBC Bank USA, N.A., for example, announced that HSBC Direct Online Savings is offering existing and new customers a 6.00% APY on "New Money," the highest ever offered by an Online Savings Account ...

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Paying The Credit Piper. ... while still keeping the credit card account current. ... and about the wisdom he gleaned from George C. Scott, his co-star in his very first Broadway show back in 1982

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(MoneyWatch) Whether you electronically file your tax returns, file paper returns or need to pay a tax bill for a prior year, the IRS will allow you to do so using a debit or credit card.

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The taxpayer should get a receipt from the 7-Eleven store. There's a $1,000 payment limit per day and a $3.99 fee per payment. This year, this payment option is available at participating stores ...

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Even though the new Form 1040 that all tax filers will file this year is a one-page document with just 23 lines, preparing taxes can be daunting for some. The new Form 1040 replaces the old 1040 ...

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How some employers skirt paying benefits. ... Solis says this hurts more than just employees. That's because companies that misclassify workers avoid paying taxes and such benefits as workers ...

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In Sydney, the Commonwealth Bank of Australia rose 7.9 percent, and National Australia Bank 6.4 was percent higher. Hong Kong's HSBC soared 5.5 percent, and China's biggest lender ICBC rose 3.7 ...

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With the average age of credit union members at 50, one powerful motivator of the non-profit credit unions is to attract younger customers, according to Ken O'Connor, the director of student ...

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Not surprisingly, lower-income borrowers and students of color were more likely to default on their loans. And the size of the loan was unrelated to the default rate, the study reported. One-third ...

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"AIG still remains financially sound," Paterson said. The move will allow AIG to use those assets as collateral to borrow cash to fund its day-to-day operations, Paterson explained.

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They needed the help in 2010, when Timber suffered a serious fall. A home health aide helps him with dressing, meals and medicine. But when it came time for the insurance company, Bankers Life, to ...

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Domino's Pizza Inc. spokeswoman Lynn Liddle said Thursday in an e-mail the company had no comment. The company in October estimated it paid 64 percent more, on average, for cheese during the third ...

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That rate can range from 10.3 percent for excellent credit (720 FICO score and above) to 32 percent for poor credit (639 FICO score and below), according to ValuePenguin's analysis. But the lower ...

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More disturbing is that the bogus collectors have the victims' Social Security numbers, home addresses, information about employers, some credit references and even old bank account numbers.

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The average credit card debt for an American household is $5,700,and it rises to more than $16,000 for households that do not pay off their balances each month. Clearly, while that level of debt ...

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The bias inside the college debt system. By Aimee Picchi May 19, 2015 / 1:32 PM / MoneyWatch In 1965, President Lyndon Johnson vowed that no student wishing to attend college would "be turned away ...

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The National Institutes of Health also has a loan forgiveness program that could eliminate up to $35,000 in debt per year for those willing to work part-time on medical research. Student loan ...

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The agency estimates that in 2014, taxpayers and student loan borrowers will pay over $1 billion in commissions to student loan debt collectors, growing to over $2 billion by 2016.

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Credit card balances exceeding 10% of income. If you earn $50,000, carrying more than $5,000 on a revolving credit card could hamper your ability to respond well to a financial crisis, says Jones.

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Below are the 10 highest paying companies for sales jobs. The gap between total pay and salary and commission are due to other compensation, such as stock options or bonuses.

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It does not make sense to quick-pay your mortgage if: You're carrying credit card debt that's costing you 12 to 28 percent or more . By paying it off, you get a 12 to 28 percent return on your money.

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Furthermore, foreign direct investment is all but disappearing.In 2008, foreign investment in emerging market countries accounted for some $466 billion; that figure is likely to be more like $165 ...

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5 illegal tactics shady debt collectors love. By Mitch Lipka ... He was in charge of consumer news for AOL's personal finance site and was a senior editor at Consumer Reports. He was also a ...

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High rate debt. Student loans tend to carry lower interest rates than other kinds of debt. So if you've taken on additional debt bearing a high interest rate, like a big credit card balance or an ...

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The loading on default for preferred stocks was 1.5, as compared to the default loading for 1-10 year high-yield bonds of 0.54 and for 10-30 year high-yield bonds of 0.77. (All the figures are ...

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Underwater mortgages, or homes with negative equity, have been a major problem over the last several years.As recently as 2012, Zillow reported that 31.4 percent of homeowners with a mortgage ...

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