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There are many forms of IRS Tax Relief available from the Internal Revenue Service. Here are a few different IRS Tax Relief options that might be able to help you:
Disaster Relief
Many people affected by very bad storms, floods or any other disasters may qualify for IRS disaster relief. The National Disaster Relief Act can help provide a wide range of tax benefits for anyone affected by a known disaster.
The IRS Tax Relief benefits for taxpayers affected by disasters include:
* Allow taxpayers to claim a deduction for losses accident regardless of income level
* Removing the need for the net casualty loss deduction to be limited.
* Removal of mortgage revenue bond requirements and enabling the binding to be used to assist in the reconstruction of property when necessary.
Debt Relief and Foreclosure Relief
There are forms of tax relief for IRS that are directly related to debt relief and foreclosure relief which relate to assist taxpayers experiencing financial difficulties.
In the event of a short-sale, where the property has been sold for less money than was outstanding on the mortgage, the lender may sometimes forgive that debt. While this means your debt is gone, the IRS can view this forgiven debt as being taxable income.
You may ask IRS application for tax relief for forgiven debt so that the cancellation of debt is excluded from the amount of your taxable income.
Another form of IRS Tax Relief is when a debt is forgiven through bankruptcy. In this event, the IRS will not include the forgiven debt as taxable income.
Spouse Tax Relief
In some circumstances, it is possible to request a tax if you separate from your ex-spouse. This is known as relief by separation of responsibility and you must apply for compensation within the 2 years to qualify.
Innocent spouse relief is different in that some couples file taxes separately, or to claim deductions from the other spouse. Sometimes when this happens, one partner forgets to file a tax return, leaving the partner who did file owing a lot more taxes than needed.
You can ask IRS tax relief as the innocent spouse if this happened to you.
It is advisable that if you require IRS Tax Relief you should speak to a tax professional about your specific circumstances. This can help you to determine whether you do qualify for any form of IRS Tax Relief designed to help you when you need it most.
Disaster Relief
Many people affected by very bad storms, floods or any other disasters may qualify for IRS disaster relief. The National Disaster Relief Act can help provide a wide range of tax benefits for anyone affected by a known disaster.
The IRS Tax Relief benefits for taxpayers affected by disasters include:
* Allow taxpayers to claim a deduction for losses accident regardless of income level
* Removing the need for the net casualty loss deduction to be limited.
* Removal of mortgage revenue bond requirements and enabling the binding to be used to assist in the reconstruction of property when necessary.
Debt Relief and Foreclosure Relief
There are forms of tax relief for IRS that are directly related to debt relief and foreclosure relief which relate to assist taxpayers experiencing financial difficulties.
In the event of a short-sale, where the property has been sold for less money than was outstanding on the mortgage, the lender may sometimes forgive that debt. While this means your debt is gone, the IRS can view this forgiven debt as being taxable income.
You may ask IRS application for tax relief for forgiven debt so that the cancellation of debt is excluded from the amount of your taxable income.
Another form of IRS Tax Relief is when a debt is forgiven through bankruptcy. In this event, the IRS will not include the forgiven debt as taxable income.
Spouse Tax Relief
In some circumstances, it is possible to request a tax if you separate from your ex-spouse. This is known as relief by separation of responsibility and you must apply for compensation within the 2 years to qualify.
Innocent spouse relief is different in that some couples file taxes separately, or to claim deductions from the other spouse. Sometimes when this happens, one partner forgets to file a tax return, leaving the partner who did file owing a lot more taxes than needed.
You can ask IRS tax relief as the innocent spouse if this happened to you.
It is advisable that if you require IRS Tax Relief you should speak to a tax professional about your specific circumstances. This can help you to determine whether you do qualify for any form of IRS Tax Relief designed to help you when you need it most.
About the Author:
Anne Durrel comes from California. She began writing about IRS several years ago. You may want to check out her other guide on irs mileage rate tips, and irs phone number guide!
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