Short Sale Seller’s Tax Break Ends 2013
[caption id="attachment_5993" align="aligncenter" width="262"] When Does the Mortgage Debt Relief Act end? Will I owe taxes on my short sale?Mortgage Debt Relief Act 2007 sunsets soon.[/caption] Is there Tax due after a short sale? Mortgage Debt Tax Relief To Sunset? When does the Short Sale Seller's Tax Break End? Troubled Sacramento homeowners who's short sale closes after Dec.31, 2013 will still get a break from their mortgage lenders, but could face a hefty tax bill next year after key provision that expires at the end of the year. Homeowners who live in California states, like California, where mortgages are non-recourse—that is, where they aren’t personally liable for the unpaid balance—may avoid the potential tax hit even if Congress doesn’t act, according to a letter sent by the...
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