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Licensed in:
MD, DC, VA, DE,
PA, NC & FL |
Affiliations:
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Dear
Ellen,
Market Comment for the week of November 12, 2007
Mortgage bonds fell pushing rates higher last week. Rates were pressured by high oil prices and remarks by Fed Chairman Bernanke indicating inflation may increase. Fortunately significant stock weakness the latter portion of the week helped bonds recover some of the losses seen earlier in the week.
For the week, interest rates on government and conventional loans rose by about 3/8 of a discount point.
The consumer price index data Thursday will be the most important event this week. Retail sales, PPI, industrial production, and capacity utilization will also be important. The market may be volatile Tuesday as trading resumes following the Veterans Holiday.
Ellen
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Cancellation
of
Debt
By: George Kresslein, Jr., CPA
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 In
certain
circumstances,
a
taxpayer
may
be
held
liable
for
reporting
income
on
debt
that
has
been
cancelled
by a
commercial
lender,
such
as a
bank,
mortgage
company,
credit
card
company,
or
other
commercial
lenders.
When
an
individual
borrows
money,
the
loan
proceeds
are
not
considered
income
because
the
money
is
presumed
to
be
repaid
over
a
set
period
of
time.
However,
a
lender's
cancellation
of a
debt
triggers
imputed
income
to
the
individual
and
the
loan
proceeds
are
reported
to
the
individual
on a
Form
1099-C,
Cancellation
of
Debt.
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Annual
Gifting
By: Joshua Hatfield-Smith, CFP, CHFC, CLU, CLTC
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As
the
year
end
approaches
many
people
consider
gifts
to
loved
ones,
either
for
the
holidays
or
as
part
of
an
overall
estate
plan.
Before
embarking
on a
program
of
gift
giving,
it
pays
to
know
some
of
the
basic
rules
of
federal
gift
taxation.
A
few
states
also
have
gift
taxes,
but
we're
going
to
ignore
state
gift
tax
implications
for
the
purpose
of
this
newsletter.
One
of
the
most
important
and
basic
gift
tax
strategies
is
to
make
gifts
that
take
advantage
of
the
"annual
exclusion"
amount.
Gift
tax
rules
permit
the
donor
of a
gift
to
give
up
to
$12,000
(in
cash,
property
or
some
combination
of
the
two)
to
as
many
people
as
the
donor
wishes.
There
is
no
requirement
that
the
donee
of
the
gift
be
related
in
any
way
to
the
donor.
If
you
have
$12,000,000
and
1,000
close
friends
you
can
give
each
of
them
$12,000
completely
free
of
gift
taxes.
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With the market in such a state of flux now is the time to review your mortgage to ensure that it fits with your financial plan. Let's set up a time to talk over the next few weeks.
Best wishes,
PS - Don't forget to use the gift certificate below for a $300 Donation to the charity of your choice when you use my services to purchase or refinance of your home. Use it for yourself or give it to a friend or family member.
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Featured Property This Week
135 Timberbrook Lane #203 Gaithersburg, MD 20878
Offered At: $320,000
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Realtor Contact:
Lupe Rohrer
at 301-938-2499
to view this home.
Call Ellen Davis at
301-728-5505 to receive your loan approval to purchase this property
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$300
Donation
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Mention
this certificate
when buying or
refinancing your
current mortgage
and a $300
donation will be
made to the
charity of your
choice.
This certificate
can be used for
your own
financing needs,
or you may give
it to a friend
or family member
who may be
thinking about
buying or
refinancing
their home. This
certificate may
be redeemed only
through services
provided by
Ellen Davis or
Mortgage Link,
Inc.
Call today for
more details
301-728-5505.
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