Real estate blog entries tagged with tax by Bruce Forge (iNET Realty, Inc.)

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Home : Blogs : Bruce Forge : Bruce's Blog : Tag "tax"

tax: Planning for your taxes after the short sale - 12/04/08 05:59 PM

What taxes you ask? Wasn't there a law passed to eliminate tax on the debt reduction from a short sale?
Well, yes, but ... (a pretty standard answer from government "benefits" as you know)
If the home is a primary residence, and if you have no more than $2,000,000 in this type of "income", and if the loan qualifies, and if you did not retain the property through a loan modification, then maybe you can get this benefit eliminated.
This is not a do it yourself project either. You need to review your situation with a qualified tax professional.
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Bruce Forge

Irvine, CA

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iNET Realty, Inc.

Address: 2450 Dupnt Dr, Irvine, CA, 92612

Office Phone: (714) 376-4488

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