folsom short sale specialist explains short sale tax
Folsom short sale specialist explains Short Sale Tax Relief
Folsom Short Sale Specialist explains how:
Fiscal Cliff Helped Folsom Short Sales?
How did the Fiscal cliff help Folsom homeowners? Upside-down homeowners in Folsom now owe no taxes on their Folsom Short Sale! Folsom Homeowners who do short sales — selling their homes for less than they owe to the bank — got a break when a deal was made in Washington on the fiscal cliff. Folsom short sales won’t owe Federal taxes to the IRS on the difference between the sale price and the loan debt. (Which was the case before 2007) because the Mortgage Forgiveness Debt Relief Act was extended.
Read more here at: Folsom Short Sale Specialist Announces Debt Relief Act Extended
Now California may do the same…
Last December, California State Senator Ron Calderon introduced a bill; SB 30.
SB 30 will extend mortgage debt forgiveness for California short sales. If it passes, it will join the federal tax relief that has already been extended by Congress as part of the Fiscal Cliff deal.
The California Association of Realtors (CAR) has put its weight behind passage of Calderon’s bill. The trade group says the bill is critical to the “continued recovery of California’s housing market.” A shortage of homes for sale in the state is driving up prices, and homeowners who are upside-down and struggling will be able to add to the number of homes for sale, knowing they will not face a huge tax burden if they short sale and get out.
Looking for a Folsom Short Sale Agent?
Questions on your particular situation? Contact us Today At Forth Hoyt’s Sacramento Short Sale Center