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...
Mortgage Debt Relief Act Extended News
Folsom Short Sale Agent and Experienced Folsom Short Sale Specialist answers the question: Has the Mortgage Debt Relief Act Been Extended? Here’s some good news for financially stressed homeowners looking for options: Five years ago, Pres. Bush Signed the Mortgage Debt Relief Act of 2007, that would prevent households from having to treat certain types of forgiven mortgage debt as taxable income. Prior to the law being passed, homeowners owed taxes after a short sale, taxes after a foreclosure and taxes on a loan modification. The Mortgage Debt Relief Extension could ultimately affect millions of families who are underwater on their loans, and heading for foreclosure, short sales or deeds-in-lieu of foreclosure settlements and loan modifications. Under the federal tax code,...
Governor Calls For California Short Sale And Loan Mod Tax Relief
[caption id="attachment_1981" align="aligncenter" width="300" caption="New California Legislation Would Stop Short Sale, Loan Mod And Foreclosure Tax"][/caption] Schwarzenegger: "Send Me A Short Sale Tax And Loan Modification Tax Bill" Just Last Week He Vetoed A Bill That Would Have Made Short Sale And Loan Mod Debt Relief Non- Taxable. Because the bill was vetoed by Gov. Arnold Schwarzenegger, California homeowners who sell short will have to pay taxes on forgiven mortgage debt. He had said he would veto it but they sent it to him anyway, he vetoed the bill because it contained a provision on tax refunds for the state’s largest businesses. He is now calling on lawmakers to introduce new Legislature and send him a bill to provide tax forgiveness on any mortgage...
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