Expert tax advice from a CPA regarding real estate related issues


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Part 1
Welcome back to the Velocity of Money, this is Michael J.

Barnes and you are listening to KFNX 1100AM Arizona’s news talk leader.

It is the eve of Thanksgiving, and we know everyone is very busy trying to rush home and get things done.

We want you all to be safe out there and we also hope that everyone has a fantastic Thanksgiving.

Today’s show has a timely message.

We have with us, an expert in the tax ramifications of the different types of mortgage situations that people find themselves in, we have brought in Mike Patenella, that I will introduce in just a moment, as well as Brett Fallon is back with us.

We are going to be talking about the tax ramifications of short sales, foreclosures, and some of the different types of loan modifications.

Now if you listen to our show regularly of course, you know, we have been over the last several weeks talking about loan modifications but we have been getting hundreds of e-mails and calls requesting more information on the loan modifications.

There are also some interesting questions that people ask about what is going to happen in regard to taxes.

That is the one thing that so many people are not talking about well we need to talk about it.

It is something that we need to bring to you that you can hear and that is what we are going to focus the majority of today’s show on.

Before I introduce Mike I need to introduce one of my very best friends and the best financial advisor I have ever known, Brett Fallon.

Brett thanks for being on the show today Thanks for having me back Last week I was unable to be here to do the show myself live Brett was very very gracious.

And he carried the show, he came in and did a great show last week for the velocity of money and we thank him very much the information was really, really well done.

It was a lot of fun and I am still working on the e-mails and phone calls last week working through those but I thought it was a great show Brett also has some information in regard to the markets and there is some really great, exciting stuff out there.

But before I’d throw that back over to Brett .

We have our experts guest today.

He is a CPA and his name is Mike Patenella, thank you for being on the air with us today Thank you for having me You know coming out the day before Thanksgiving, I know your family is getting ready and you have lots of things to do coming out here to downtown Phoenix to do a live broadcast of four o’clock is we really, really appreciate it.

I know it’s not an easy task and I really appreciate you being here It is my pleasure Mike is an expert in taxes, he is an actual CPA he knows the ins and outs of all matters tax.

His expertise in this particular area is not widespread any CPA is a good CPA.

Mike is an expert and will have specific answers to questions that we have put together.

If you have had a foreclosure or you are facing foreclosure or if you are considering a short sale or bankruptcy any number of things.

We are going to touch on just a little bit.

But one more thing just to give you some information in regard to the velocity of money radio show.

If you are not able to listen to the entire broadcast to you on office at 480 velocity and we have people there to take your name, phone number, and information and I will personally call you back if you would like.

But we have a few numbers on our staff who are experts in loan modifications we have put together a great video that helps explain the process it’s about seven minutes long.

And we will get that sent out to you in immediately.

Just leave your information at 480 velocity.

I also want to point you like more information about Brett Fallon for any matters financial or Mike Patenella in regard to taxes and issues with that.

You can also call that number and we will get you in touch with them, whatever you need we have people there right now to help you.

To get this information to you in a timely manner.

So Mike things again.
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