Folsom Short Sale Specialist Announces Debt Relief Act Extended
[caption id="attachment_5900" align="aligncenter" width="400" caption="Mortgage Tax Relief Extended"][/caption] California state Taxes after short sale Folsom Certified Short Sale Specialist: what about California's Mortgage Debt Relief Act? Short Sales, Foreclosures and loan modifications are still non taxable events as far as federal taxes are concerned... the Mortgage Debt Relief Act of 2007 provisions have been extended. Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. The “American Taxpayer Relief Act of 2012’’ extends mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any...
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