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The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in [...]
Decorating a Contemporary Dining Room
Many of us remember the dining room from our childhood as the separate, formal room that housed the most expensive pieces of furniture and was only used on a handful of special occasions and holidays. These formal rooms are still found in today’s homes but you can also find multi-purpose rooms, informal dining rooms and [...]