Tuesday, Mar. 24, 2009
Beware of Hidden Costs
Guess what? Those state unemployment benefits you may have collected are taxable, which comes as a shock to a lot of people. That will change in 2009, when the first $2,400 of unemployment is tax-free. Any debts that have been forgiven count as taxable income too, though it's no longer the case that you would owe income tax on a house taken in foreclosure and sold for less than the mortgage amount.