Washington County Weekend Post e-edition
Issue link: https://www.ifoldsflip.com/i/115917
Community Calendar south on Highway 67. When: Noon. Info: Billed as "the shortest parade in Fond du Lac County," float entries are being accepted. Awards for best float contest and best leprechaun. Brat Fry. Parking at church or Sportsman's Park. Jackson What: George Greene (Irish Music) Where: Lakeshore Building at Jackson Crossings Retirement Community, N168 W22026 Main St. When: 7 p.m. Cost: Free. TAX PREPARATION SERVICES 231238003 If you would like to advertise in this section, please contact Joan at 262-306-5022 Important Facts about Mortgage Debt Forgiveness IRS Tax Tip 2013-31, March 12, 2013 If your lender cancelled or forgave your mortgage debt, you generally have to pay tax on that amount. But there are exceptions to this rule for some homeowners who had mortgage debt forgiven in 2012. Here are 10 key facts from the IRS about mortgage debt forgiveness: Cancelled debt normally results in taxable income. However, you may be able to exclude the cancelled Free Consultation 230314002 N96 W18221 County Line Rd. Menomonee Falls s r r TM www.dmaccounting.com To qualify, you must have used the debt to buy, build or substantially improve your principal residence. The residence must also secure the mortgage. You may also qualify for the exclusion on a refinanced mortgage. This applies only if you used proceeds from the refinancing to buy, build or substantially improve your main home. The exclusion is limited to the amount of the old mortgage BLISH TAX SERVICE IRS Registered Tax Return Preparer New Client 10% Discount The IRS does not endorse any particular individual tax return preparer. For more information on tax return preparers go to www.irs.gov 2330 Chestnut St. • West Bend, WI 262-306-6738 • www.blishtaxservice.com 262.365.0900 230314001 12 • Washington County Post Retail • 3 - 17 - 13 If you qualify, report the excluded debt on Form 982, Reduction of Tax Other types of cancelled debt do not qualify for this special exclusion. This includes debt cancelled on second homes, rental and business property, credit cards or car loans. In some cases, other tax relief provisions may apply, such as debts discharged in certain bankruptcy proceedings. Form 982 provides more details about these provisions. If your lender reduced or cancelled at least $600 of your mortgage debt, they normally send you a statement in January of the next year. Form 1099-C, Cancellation of Debt, shows the amount of cancelled debt and the fair market value of any foreclosed property. Check your Form 1099-C for the cancelled debt amount shown in Box 2, and the value of your home shown in Box 7. Notify the lender immediately of any incorrect information so they can correct the form. Use the Interactive Tax Assistant tool on IRS.gov to check if your cancelled debt is taxable. Also, see Publication 4681, Canceled Debts, Foreclosures, Repossessions and Abandonments. IRS forms and publications are available Income Tax Preparation 1749 Barton Avenue West Bend, WI 53090 www.ccbusinessmanagement.com Proceeds of refinanced mortgage debt used for other purposes do not qualify for the exclusion. For example, debt used to pay off credit card debt does not qualify. Attributes Due to Discharge of Indebtedness. Submit the completed form with your federal income tax return. You may be able to exclude from income the amount of mortgage debt reduced through mortgage restructuring. You may also be able to exclude mortgage debt cancelled in a foreclosure. Reliable & Friendly 262-253-9955 principal just before the refinancing. The maximum qualified debt that you can exclude under this exception is $2 million. The limit is $1 million for a married person who files a separate tax return. A Personal Touch at Affordable Prices •Fast Service • Tax Returns/Electronic Filing • Locally Owned & Operated • Since 1990 debt from your income if the debt was a mortgage on your main home. online at IRS.gov or by calling 800-TAX-FORM (800-829-3676). Contact: 677-8864. Monday, March 18 Hartford What: AARP Tax Counseling & Tax Preparation Where: Hartford Senior Center, 730 Highland Ave. When: Mondays; call 673-4005 for an appointment. Info: AARP Tax Aide volunteers will provide free tax preparation of federal and state tax returns for anyone needing assistance. Taxpayers must bring in their 2011 tax records and all 1099 forms reporting income received for 2012. West Bend What: Widows Network Where: Copper Penny When: 11:30 a.m. Cost: Order from menu. Contact: Senior Citizens Activities Inc., 335-4498. West Bend What: Exercise Class When: 8:45-9:45 a.m. Where: Senior Center, 401 E. Washington St. Cost: $1 per session. Info: Class led by YMCA instructor; balance, chair, aerobics, some dance to music. Bring own hand weights and stretch band or strap. No appointment necessary. Contact: Senior Citizens Activities, 3354498. Jackson What: Kickboxing Class Where: Jackson Area Community Center, N165 W20330 Hickory Lane When: 6-7 p.m. Info: Held Monday evenings, March 18-April 8. West Bend What: Moraine Chorus Rehearsal Where: University of Wisconsin-Washington County, 400 University Drive. When: 7:30-9:30 p.m. Cost: $10 per semester (if not in MUS 072). Info: New members welcome. Monday rehearsals. Contact: Peter Gibeau at 335-5216 or peter.gibeau@uwc.edu. Tuesday, March 19 West Bend What: Show 'n' Tell with Mike Paul. Where: Old Courthouse Museum, 320 S. Fifth Ave. When: 7-9 p.m. Cost: $5 nonmember, free for Washington County Historical Society members. Info: Bring your family treasures; one item per Calendar continued on page 14 NEW STORE LOCATION! Hartford NEW STORE OPENING MARCH 18, 2013 AT 52 S. MAIN STREET, HARTFORD Located in the same building as Domino's & Jazzercise Store opens Monday, March 18th at 8am. "You're Gonna Love It!" March 4th thru March 17th 31 N. Main St., Hartford, Store Will Close. Please Take All Donations to Slinger. HARTFORD 52 S. Main St. 262-673-6980 SLINGER 445 E. Washington 262-644-4949 WEST BEND 420 N. River Rd. 262-334-7291 231127001 milk. Contact: Rita Fellenz, 338-1558. Sponsor: Catholic Financial Life Chapter 279 Hartford/St. Lawrence. Dundee What: 22nd Annual St. Paddy's Day Parade Where: Clement Circle,