Thursday, January 3, 2013

Mortgage Debt Forgiveness Extended to 2014

Mortgage Debt Forgiveness Extended to 2014
Congress Extends the Cancellation of Mortgage Debt Relief Provision for 1 Year.
As you may or may not know the final act by the 112th Congress was to avert the ‘fiscal cliff’ and as part of the fiscal cliff deal Congress extended the cancellation of mortgage debt relief provision for 1 year, through the end of 2013. This is good news for any homeowner who is underwater and needs to sell a property, but was worried about the tax implications of a cancelled debt. Information about the Mortgage Debt Forgiveness Act can be found on (the news is still very new and the IRS will need time to update their website, but the original information is available on this link).

If you need assistance selling your home, please give us a call at 631-766-5959.  We are here to help.  Our staff will explain the process of selling a home with and without a realtor.

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DUA, Benfits for the Unemployed due to Hurricane Sandy

Disaster Unemployment Assistance (DUA) (Last updated November 16, 2012) If you live or work in Bronx, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, Sullivan, Ulster or Westchester counties and you lost your income due to the effects of Hurricane Sandy, you may qualify for DUA. . You may qualify for DUA even if you would not normally be able to get unemployment insurance benefits. To find out if you might be eligible for DUA, call the Telephone Claims Center (TCC) at 1-888-209-8124, or 1-877-358-5306 if you live out of state. Answer the questions to indicate that you lost your job as a direct result of Hurricane Sandy. . File your application with the New York State Department of Labor as soon as possible. The application deadline is February 4, 2013. 

The following are examples of situations that may make you eligible for Disaster Unemployment Assistance:

•You were injured in the disaster and are unable to work, whether you are an employee or self-employed.

•Your workplace was damaged, destroyed, or you can't work because of the disaster. •Your transportation to work is not available because of the disaster.

•You cannot get to your job because you must travel through the affected area, and you cannot do that because of the disaster.

•You were about to begin working, but could not because of the disaster.

•You got most of your income from areas affected by the disaster, whether you worked for yourself or for an employer, and your business is down because of the disaster.

Please note - this list is not exhaustive. If you are uncertain about your eligibility, please apply. All applicants must submit wage information and documentation to support their application.