Any person participating in a SHORT SALE and who wants to qualify under the Mortgage Forgiveness Debt Relief Act of 2007 will need to get that home sold and closed escrow before the end of this year 2012.
Some forgiven debt is taxable. This U.S. law – Mortgage Forgiveness Debt Relief Act of 2007 – provided tax relief to some people who owned and lost their home in foreclosure or who participate in a SHORT SALE.
People who are on the fence about listing their homes for SHORT SALE need to get those on the market now and as soon as possible. A home listed for SHORT SALE too late during this year of 2012 will probably not get successful conclusion by the end of 2012 (signed purchase contract, delivered, concluded with close of escrow by the end of the year).
Source of some information is Melissa Zavala – www.ShortSaleExpeditor.com. This is for information only and not the providing of legal or tax services. To find out about your own possible income tax situation and possible relief, you must consult with a tax attorney or experienced income tax professional.
Professional REALTOR® agent representation and help for property owner/sellers, private trust estate representatives, estate administrators and executors, probate and trust attorneys, estate planners, income tax professionals, public guardians, fiduciaries, investor group managers, bankers, and individuals, with listing and sale of properties at Orange County, CA