Grantor’s Tax – Plan Accordingly

By now, we have all heard about the landmark transportation law passed by the Virginia General Assembly that raises new revenue to fund transportation initiatives across the Commonwealth (HB 2313). This law will be effective July 1, 2013. Among the increase in sales, use and fuel taxes is an … [Read more...]

Mortgage Forgiveness Debt Relief Act Extended

The Mortgage Forgiveness Debt Relief Act was put into place back in 2007. The law essentially says that if you go through a foreclosure or short sale, you will not have to pay taxes on the forgiven mortgage. You’ll need to be very careful here, because there selling a home – even through … [Read more...]

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