Monday May 23, 2022 – Foreclosures have not been an issue since the pandemic. One of the first things Government did was to issue a Foreclosure Moratorium.

Last August the CDC moratoriums came to and end based on a United States Supreme Court ruling on the issue.. Some States (like Illinois) maintained a foreclosure moratorium thereafter – but no more!

“A total of 50,759 U.S. properties started the foreclosure process in the first quarter of 2022, up 67% from the previous quarter and up 188% from a year ago,” Chicago saw over 3,000 foreclosures in the first three months of the year.

Attorney Steven A. Leahy reviews the numbers and also talks about the tax implications of losing a home to foreclosure. Did you think the IRS wouldn’t be involved?

Foreclosure wave sweeping US crests in Chicago

Foreclosures and Your Income Tax

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Supreme Court Throws Out the Foreclosure Moratorium!

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Steven A. Leahy is a tax attorney in Illinois. He was the host of the long-running popular Radio Show “The IRS Radio Hour” heard every Sunday evening on AM 560 The Answer. Attorney Leahy is also the author of the book “Deal With Your IRS Problems Today!” You can get a FREE copy of this important book at FreeIRSBook.com. Or Call 24/7 (312)664-6649

The new infrastructure bill expands the definition of cash to include “digital assets” and includes tax reporting provisions that capture Miners, stakers, lenders, decentralized application and marketplace users, traders, businesses, and individuals into these reporting requirements

The Crypto Industry and many in Government want to :”fix” the legislation by narrowing the definition of “broker” so the Internal Revenue Service can not target crypto miners, developers and others, who don’t have any customers or have access to information needed to comply with tax reporting requirements.

Attorney Steven A. Leahy reviews the new Bill and the impact on the Crypto industry and growth.