Our home was foreclosed on this year. We filed a BK because of my illness and resulting in a reduced work schedule for me. Because of this major tax shelter loss, are there any other ways to shelter income so that we don't take a big hit? Eventually once we are far enough away from this devasting loss and hit on our credit, we will purchase another smaller home.We both have 401K's and are maxed out as far as contributions go. We don't qualify for a tax deductible IRA because of the amount my husband makes. We both have had more money deducted this year for income taxes. Neither of us are tax deduction saavy nor do we have any idea what we can do additionally to shelter our income.Any suggestions or have we done all we can do?
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