Claudia S. Nelson Realtor with Keller Williams Realty
Excellent News for anyone currently participating in a Short Sale or planing to engage in a short sale in 2013 the Mortgage Forgiveness Debt Relief Act of 2007 has been extended.
The Mortgage Forgiveness Debt Relief Act of 2007 allows anyone who participated in a short sale to be relieved of having to pay income taxes on the amount forgiven by their lender. Without the Debt Relief Act extended, home owners that are selling their homes as a short sale would have to pay taxes on the forgiven balance. The Debt Relief Act generally applies for a principal residence.
I am very happy for all my clients that are currently going through a short sale as this means they do not have to pay taxes on the amount forgiven by the bank. I have several clients that started a short sale last year and were worried about the expiration of the Debt Relief Act. I can't wait to tell them the good news.
For more information about the Debt Relief Act and if it will apply to you, you should consult a tax attorney or CPA. The Debt Relief Act may not apply to everyone.
For more information about short sales? Visit my website
I live and
work in Woodbridge
Virginia and service all of Woodbridge
Virginia
Find out what’s forSale in Woodbridge Virginia
Find out what’s for
Claudia S. Nelson
Keller Williams Realty
No comments:
Post a Comment