Foreclsure - state tax exemption: home property

NOT LEGAL ADVICE AND NOT TAX ADVICE

I took a break last night and went out dancing and discussed a
situation with someone I dance with. She has a rental home she
wants to just let go. This reminded me of something some of you
may not realize.

Most states, not all, have a tax exemption for your primary
residence. Arizona currently does but the law may change some. I
don't know of any state that has the exemption for a second and/or
rental property. This is a big deal.


Lets say your rental property has a mortgage for $200,000 and you
let it get foreclosed on. The bank sells it for $100,000. The bank
will send the info to the IRS. The IRS will consider that you had
a $100,000 "windfall." It will be taxed at 50% and the tax is due
immediately. If you don't know, immediately they start charging
interests and penalties.

Instead of owing $50,000 you will soon owe $100,000 +. If you have
more than one rental property, keep adding.


The bank will make you an offer wherein they will claim
that they won't report the foreclosure to the IRS if you don't
fight. BULL!!! Its not their choice and you can bet they will report
the foreclosure no matter what they promise, and there is nothing you
can do about them lying to you because it would be a fraudulent deal.


I have seen this scenario happen more times than I can count. Every
time the people were wiped out financially and will probably never
recover. BK won't always save you from this mess.


I believe this was part of the plan, and this whole thing was
planned, from the very beginning.


The point was really about what to do with about your property. My
answer is the same as it always is. Fight for the truth, keep
fighting for the truth and fight for nothing else.


The truth is there is no VALID mortgage, it was all a lie, every
bit of it. The truth is the property is paid in full and you own it.


But they will lie in court, which means liars will be listening
to them, and liars like lies and other liars; and hate the truth
even more than you do. Our system was created from the truth. The
people in our system are nothing but liars and got there because
the other liars wanted more liars. They won't even let people in
the system who aren't liars anymore.


Your only intelligent option is to fight, and keep fighting. Maybe
it will teach you to fight for the truth as I have for 4 decades
now. I am nt saying it will work r will be fun, I am just saying
maybe you will learn is better to die fighting for the truth than
living for the lie.


Nough said.



http://foreclosuresecretsblog.com
www. notary complain.com

John C.  Stuart, aka Mobius Nemesi
4101 W. Union Hills Dr. #1043 Glendale, Arizona (85308)