Short Sale Mortgage Debt Relief: Taxed In 2013
[caption id="attachment_5851" align="aligncenter" width="500" caption="Sacramento Short Sales will become taxable in 2013"][/caption] Short Sale Tax, Loan Modification Tax and Foreclosure Tax... And you thought your only problem was a mortgage that had bloated out of hand... Forth Hoyt, Certified Sacramento Short Sale Agent explains: The Mortgage Debt Relief Act of 2007 will expire on December 31 2012. Now the IRS is going to want to tax you at regular income tax rates, for the mount the banks write off in your foreclosure, loan modification or short sale... Directly from the IRS Website: The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in...
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