Real estate blog entries tagged with mortgage debt relief and short sales by Chris Ann Cleland, Associate Broker, Northern VA (Long & Foster REALTORS®, Gainesville, VA)

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Home : Blogs : Chris Ann Cleland, Associate Broker, Northern VA : Northern Virginia Real Estate News & Opinion : Tag "mortgage debt relief and short sales"

mortgage debt relief and short sales: Northern Virginia Cash-Out Refi's May Not Be Eligible for Mortgage Debt Relief in a Short Sale - 11/10/09 06:15 PM

Northern Virginia Cash-Out Refi's May Not Be Eligible for Mortgage Debt Relied in a Short Sale. If you are a short sale seller that has taken cash out in a refi, you need to consult a tax professional immediately. If your short sale is approved and your mortgage holder sends a 1099 to the IRS, you may have to pay taxes on the cash-out portion of your refinance.
On the IRS website, where the Mortgage Debt Relief Act is defined, it clearly states that:
The Act applies only to forgiven or cancelled debt used to buy, build or substantially improve your … (7 comments)

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Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

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Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

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