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Is There Any Tax Relief For Finishing A Short Sale On Your House?

Sunday, February 12th, 2012

Hello, My name is Kevin Kauffman and that is Fred Weaver and we’re Group 46:10. We’re certainly one of the nation’s main short sale and real estate teams. We’re here to talk to you right now because we’re coming up on the end of 2011, and you could even be watching this in 2012. There is something that is essential to you as a house owner that is going away this yr and it is the mortgage debt relief forgiveness act.

One of the frequent questions householders ask us is have they got to pay taxes in the event that they complete a short sale? Obviously that’s a giant concern for homeowners. I’ve personally finished a short sale myself on my personal residence and I can let you know that I owed over $500,000 on my home and I sold it for less than $300,000. It would have been a nightmare for me to pay taxes on the difference of what I sold it for and what I owed. I could have owed $forty,000 to $60,000.

Thankfully there is something the IRS has that is known as the mortgage debt relief forgiveness act. It is an act that congress passed several years in the past, but it surely expires at the end of 2012. If you’re considering doing a short sale on your own home or letting your home go to foreclosure, please know that you may be liable for taxes on the difference between the value of your private home and what you owed should you sell the house after December 31, 2012.

So in case you are interested by doing a short sale any time in the next couple of years, give us a call so we will talk to you more about your options. We may very well be saving you some huge cash based mostly on adjustments to the laws and guidelines of completing a short sale. Give us a call as we speak at 480-449-6642 or you can also fill out a form right here on our website and we’ll be in contact with you. We’re Group 46:10, considered one of the nation’s leading short sale groups and we’d love to arrange a session and discuss with you extra about your situation. Thanks so much, have an incredible day.

For more information on short sales and how to avoid foreclosure, or you can also and get started today.

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