Death & Taxes

…but in the world nothing can be said to be certain except death and taxes.

Gosh I sure do love that Benny Franklin. 😉

Like millions of other Americans will do over the next coming months, we sat down with our IRS tax approved specialist (our accountant) yesterday to file our 2012 taxes and pray for a return or, at the very least, not to owe. I also may or may have not mentioned our house melodrama , but here’s a brief recap:

Bought house in 2006 with a standard, fully documented, loan. By 2010, due to hour cuts and even if both of us were to work two jobs, it was clear we were losing our home. (No, the banks wouldn’t work with us. We tried – repeatedly.) Finally, last year, the foreclosure concluded, so we had to deal with the financial impact on our taxes this year.

Our accountant had to file 21 tax forms this year due to this whole mess. Thankfully, due to the mortgage debt forgiveness act, I’m hoping that our debt will be forgiven, but I’m afraid something is going to go horribly awry and it won’t. This whole mess irritates me to no end. WE did everything right, made sure to do a standard 30 year loan with no funny interest only business. Our whole lives we have always paid everything on time from medical debt to car loans…and we still do. The mortgage was the first and only thing on our credit to mar it. It’s super irritating to me.

We should know the full outcome by March, but waiting all that time is killer.

I seriously battled as to if I should make this post public or not, and decided after reviewing it today, to go ahead and do so. This situation is obviously something I’m not at all proud of, but it was out of our control and many people have a story much like our own so I know we’re definitely NOT alone in this situation. And if any reader feels the need to do so, go ahead and tell me in the comments below how we’re part of the reason the economy is in this mess.