Reversing a Tax Sale in Philadelphia

Reversing a Tax Sale in Philadelphia Philadelphia is one of the few places in Pennsylvania where a home owner can reverse a Tax Sale. Believe it or not, most tax sales are final in Pennsylvania once the gavel comes down. Thanks to the Municipal Claims and Tax Liens Act (Act), Act of May 16, 1923, P.L. 207, as amended, 53 P.S. § 7293, a homeowner has a statutory right to redeem their sold property within 9 months from the date of the acknowledgment of the Sheriff’s Deed conveying the Property. Redemption Petition pursuant to Section 32(a) of the Act, 53 

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Top 5 Tax Breaks That Will Save Taxpayers Money

Congress voted 76-16 last week to approve 54 tax breaks that benefit big corporations, small businesses, as well as struggling home owners. The Top 5 may actually apply to your family: Deduction for teachers’ expenses: This measure lets school teachers deduct up to $250 for the costs of classroom supplies that they buy with their own money. It’s available to all teachers, whether they itemize or not. Deduction for commuting costs: All commuters may reduce their pre-tax income to account for their commuting costs. Under the law, however, those who drive to work and pay for parking are allowed to 

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IRS Form 1099-C After Bankruptcy

IRS Form 1099-C After Bankruptcy A 1099 is a tax reporting form that you may receive if you earn certain types of income. Typically, you will receive a 1099 if you are an independent contractor rather than an employee. A less common use of a 1099 is to report the amount of a forgiven or canceled debt, which the IRS treats as income. Why Was the 1099-C Sent A 1099-C is generated by a financial institution, such as a lender, after a qualifying event. A qualifying event occurs when the entity has written-off or cancelled a debt in excess of 

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Can I eliminate tax debt in bankruptcy?

Can I eliminate tax debt in bankruptcy? YES. The bankruptcy law allows debtors to eliminate tax debt in bankruptcy. HOWEVER, the debtor’s taxes must satisfy a few tests to qualify for discharge. GENERAL RULE: The debtor must have filed his/her taxes and must not have illegally or fraudulently attempted to evade or defeat paying the taxes stemming from that tax year.  Given those basic requirements, there are three main tests that apply: the 3 year rule, the 2 year rule, and the 240 day rule. RULE # 1: A minimum of three years must have passed from the date a 

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