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Posts tagged "liability"

Divorce can create a complicated tax situation

Now that this year’s tax season is official over (hopefully) for most California readers, tax and law experts know that it is time to start looking ahead and planning for what is to come. This might seem like an unwelcome task at the moment when you thought it was time to set taxes aside for a while, but there are some situations that require extra attention and planning, so it is better to start sooner than later.

Tax exemption continues for underwater California homeowners

Both the Internal Revenue Service and the California Franchise Tax Board have issued clarifying statements to reassure taxpayers in California that debt written off after a short sale of a home will not be considered income for tax purposes. This is a major issue for many California homeowners who bought when prices were inflated and who now owe more on their mortgages than their homes are worth (called "underwater" homes).

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