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]]> http://cancellationofdebt.org/cancellation-of-debt-on-rental-or-investment-property/comment-page-1#comment-36 Mark F Sat, 13 Feb 2010 18:39:58 +0000 http://cancellationofdebt.org/?p=23#comment-36 I just got back from my accountant and i got nailed badly. We did a modification and they reduced the interest and gave us money to pay back taxes and we have to pay tax on all of it $34,000.00 and with penalties it cost us $14000. The penalties came from some rule about us not paying tax on it and it is more than 10% of our income. plus we had to cash in our 401K to pay fees and stuff so the "untaxed income" was 50% of our income. This is a joke i would have been better off letting them take the rental property I actually would have been better off. I had to take a pay cut my wife lost her job and we still get nailed by a system that favors the wealthy and crushes the little guy just trying to prepare for the future. I just got back from my accountant and i got nailed badly. We did a modification and they reduced the interest and gave us money to pay back taxes and we have to pay tax on all of it $34,000.00 and with penalties it cost us $14000. The penalties came from some rule about us not paying tax on it and it is more than 10% of our income. plus we had to cash in our 401K to pay fees and stuff so the “untaxed income” was 50% of our income. This is a joke i would have been better off letting them take the rental property I actually would have been better off. I had to take a pay cut my wife lost her job and we still get nailed by a system that favors the wealthy and crushes the little guy just trying to prepare for the future.

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