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Yes, and that's what is rotten. Why kick those who were given a break. Does NC not give a hoot about citizens in financial crisis?
So they get a free gift for (in many cases) buying homes they couldn't afford or using their home equity as an ATM?
How about the fact that we purchased a home in AZ IN 2007, paid off the mortgage in 2009, had a change in life circumstance and sold it in 2012, losing $120K before we even paid the broker! When the hell do we get to write that loss off for tax purposes???? Answer: NEVER.
So we were super responsible and lost a lot of money. I have a pretty hard time letting people who were (often) irresponsible get a free pass.
So they get a free gift for (in many cases) buying homes they couldn't afford or using their home equity as an ATM?
How about the fact that we purchased a home in AZ IN 2007, paid off the mortgage in 2009, had a change in life circumstance and sold it in 2012, losing $120K before we even paid the broker! When the hell do we get to write that loss off for tax purposes???? Answer: NEVER.
So we were super responsible and lost a lot of money. I have a pretty hard time letting people who were (often) irresponsible get a free pass.
At least you could stay afloat after ditching the home.
We bought a home we could well afford until the bottom dropped out with a layoff from an electric utility and no jobs available.
After the layoff and 6 months unemployment, we were a few weeks away from my wife and kids entering a homeless shelter while I would stay in my Mom's apartment in a New York City public housing project trying to find work. Louisiana had just done what NC did not too long ago cutting unemployment benefits in half.
The last thing we needed then was a large tax bill.
Not all those losing their homes were irresponsible.
Last edited by saturnfan; 05-07-2015 at 09:41 AM..
At least you could stay afloat after ditching the home.
We bought a home we could well afford until the bottom dropped out with a layoff from an electric utility and no jobs available.
After the layoff and 6 months unemployment, we were a few weeks away from my wife and kids entering a homeless shelter while I would stay in my Mom's apartment in a New York City public housing project trying to find work. Louisiana had just done what NC did not too long ago cutting unemployment benefits in half.
The last thing we needed then was a large tax bill.
Not all those losing their homes were irresponsible.
I totally agree that not everyone who lost their home was irresponsible. I'm just asking for fairness. Why should those who walk away from their debts get a benefit while I paid my debt in full and get no benefit from the loss? Hell, we have to pay taxes on our long term gains. Why not let me deduct the loss on our long term losses that we're caused by the abuses in the real estate market? Seems fair, no?
(It's a rhetorical question, no response expected.)
Reading my credit union's website, I just learned how rotten our miserable state legislature can be.
Our beloved governor retroactively took away state credit for several federal tax changes. Since the dear man did this after some people had filed for 2014, they will need to amend and pay extra tax.
The worst case is below, kick a dog when he's down. So you lose your home in foreclosure or need to get a mortgage write down to keep the home. These were extended as tax free by IRS, but not by NC

Cancellation of qualified principal residence debt is excluded from gross income. << Federal extension 2014
OUR BELOVED LEGISLATURE'S RESPONSE
Addition required for amount of cancellation of qualified principal residence debt excluded from gross income on the federal return. << Nice gift from McCrory and company.
This can be a big hit if a lot of money was written off or reduced by plans to help homeowners stay in their homes. They also must file an amended state return if they filed before learning of this sneak attack.
The credit union offered to file an amended state return free if they filed your original 2014 return. Guess they're nice folks not like our legislators and governor.
I'm ashamed to live in NC. Let the new broom sweep clean in future elections.


Let's see..... it happened in 1989?? Mine happened in 1993.
So how much longer are you going to let that burn a hole in your britches? What are you getting out of it?? People saying "oh poor, poor you"....... is that it? You need affirmation that you went through a bad time??
Get over yourself!!!
Stuff happens every day!! I didn't read all of your posts because I really lost interest. Have you stopped to think how many people have had equally crummy things happen to them but got on with life as best they could? Aren't you glad you don't live in Syria??
Do you have cancer? Heart attack? One of your kids with terminal disease?
Let's see..... it happened in 1989?? Mine happened in 1993.
So how much longer are you going to let that burn a hole in your britches? What are you getting out of it?? People saying "oh poor, poor you"....... is that it? You need affirmation that you went through a bad time??
Get over yourself!!!
Stuff happens every day!! I didn't read all of your posts because I really lost interest. Have you stopped to think how many people have had equally crummy things happen to them but got on with life as best they could? Aren't you glad you don't live in Syria??
Do you have cancer? Heart attack? One of your kids with terminal disease?
If the answer is no, grow up and get a life.
What made you think I'm still upset over this problem? Just using this to show how rotten our legislature was acting in penalizing those who suffered the financial grief both of us got hit with.
Now have a 792 FICO score and am comfortable in a 1BR apartment that fits well in our budget. Hope you're doing well too.
What made you think I'm still upset over this problem? Just using this to show how rotten our legislature was acting in penalizing those who suffered the financial grief both of us got hit with.
Now have a 792 FICO score and am comfortable in a 1BR apartment that fits well in our budget. Hope you're doing well too.
Thank you. Limited income but doing very well. Money isn't everything, believe me, I've had a lot of practice.
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When?
