Short Sale After 2012
It is a general trend that when it comes to making a decision on keeping the home or making a short sale, homeowners linger over the decision. They take more time because they often want to use the quick fix of loan modification.
There are laws that provide ample freedom from the tax implications of short selling a home that is owner occupied. These liberties from tax implications are provided in California. These laws will exist and will remain in effect till the end of 2012. Industry experts are of the view that these laws may not not be reenacted. So, it is very simple – if you have to make short sale of your home now is the time to make good use of the generous freedom from taxes because after the end of 2012 you might have to spend on tax penalties too for the discharged debt.
According to the Conformity Act of 2010, if the lender forgives the loan of a taxpayer the forgiven debt will be excluded from the gross income of California. This applies to the discharges of loans on or after January 1, 2009 till December 31, 2012.
Every family has different situation, so it’s better that you consult someone qualified in the field of short sale. If you want any help in a short sale and you require short sale services from a short sale agent, you can seek help and education from me which is necessary to make educated decisions. If you would like a free PRIVATE consultation please email me at firstname.lastname@example.org. – Pearl
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