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+--- Thread: There goes another tabu-not paying taxes (/showthread.php?tid=75491)
Re: There goes another tabu-not paying taxes - Mac1337 - 04-01-2009
JoeH wrote:
[quote=Dakota]
Since nobody seems to be interested in the substance of the post let me quote this,
"Sebelius said she sold her home in Topeka, Kan., for an amount less than the outstanding balance on the mortgage. She continued paying off the loan and the interest for which they continued to claim a deduction"
So here is the question. How can you close on a sale if you can't payoff your mortgage? How can you even"continue to pay off" the loan after settlement? Is it the same loan? A different loan? There are millions who are underwater and can't sell their homes for precisely this reason. Inquiring minds want to know how she did it. I sure don't see any inquiring minds here.
Why don't you go find out then? Not interested myself, I have seen enough loans that had provisions for balances in 'underwater' payoffs to be converted to personal loans or other instruments. Banks and loan holders can be very flexible in situations where they continue to get paid by a borrower with income to cover the payments. On paper it is no longer a mortgage, but if you continued to pay the same and to the same place you might not appreciate the difference. That is the kind of thing accountants, CPA's and the IRS do notice though.
Thank you. That could work. Problem is the shortfall is usually too great to be covered by a personal loan without another collateral.
Anytime these kind of questions surface I always ask my self where is the accountant? You can't tell me that the governor of a state prepared her own taxes over at TaxAct, perhaps using their free side but that is exactly what they pretend she did. But we went thought all this with Geithner with no answers.