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Short Sale Tax implications update! CAR is sponsoring SB30 to conform CA state law to Federal law.

Short Sale Tax implications update! CAR is sponsoring SB30 to conform CA state law to Federal law.

Short Sale Tax implications update!

 

short sale tax

In this update on short sale tax implications we will address taxes on both on the federal and state level.

FEDERAL TAXES: On the Federal level, The Mortgage Forgiveness Debt Relief Act was renewed which will, for one more year, exempt the taxation of mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale or loan modification (including any principal reduction).

STATE TAXES:

C.A.R. is sponsoring SB 30 (Calderon, D-Montebello).  SB 30 will conform state law to the federal law passed last week.  Upon passage of SB 30, the measure will be effective retroactive to Jan. 1, 2013.

If you need any help with understanding Short Sale Tax implications when selling your home in Orange County please call me at 949-306-8416. I can help guide you through this process and help you find a solution so you can move on with your life.

 

To read more about how real estate taxes affect you see this page: REAL ESTATE TAX BREAKS

Breaking News! Mortgage Debt Relief Act will be extended through 2013 as part of the Fiscal Cliff Deal!

Breaking News! Mortgage Debt Relief Act will be extended through 2013 as part of the Fiscal Cliff Deal!

The extension means homeowners now will be excused from paying taxes on forgiven mortgage debt through 2013. The debt relief was set to expire Dec. 31.

Short Sale Debt Forgiveness Extended through 2013
Short Sale Debt Forgiveness Extended through 2013

This is a huge relief for homeowners who currently or intend to sell their home as a short sale or perform mortgage modifications. Without this extension these sellers may have faced tax bills in the tens of thousands of dollars.

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