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irs: Congress Moves to Eliminate 'Phantom Tax' - 10/05/07 08:23 PM
I blogged last week about the possible tax consequences of forclosure.  It now looks like a bill moving through Congress will go a long way to ease the tax burden of borrowers who lose their home to foreclosure. Read all about it here.
For fun, or if you are having trouble falling asleep, you can go read the text of the bill here. 
In short, this bill provides that any amount forgiven on mortgage debt on a principal residence will not be taxed.
… (2 comments)

irs: Foreclosure & Short Sale Tax Consequences (part II) - 09/28/07 11:47 AM
Not long ago, I posted about the tax ramifications of foreclosure.  For couple couple of reasons, I wanted to visit this topic again.  First, the most recent piece written by the IRS and frankly was not very easy to read. Second, the IRS piece didn't really address short sales.
Real estate professionals are not CPAs (most of them aren't, anyway), so I thought I'd find some expanded information about this very serious subject.
No doubt because short sales and foreclosures are becoming real issues for sellers and buyers - especially in my part of the world - there is some really good, concise information for agents … (1 comments)

irs: The Consequences of Foreclosure: Taxes - 09/27/07 06:30 PM
As you can imagine, I get asked all the time from people, "Just what happens when a bank forecloses on a mortgage?"
The answer depends on many, many factors -- not the least of which is where (what state) the forclosure takes place!
In California, we have some pretty good protections for people whose primary residence is foreclosed... this is well-documented.
What isn't covered so much is the aftermath of the foreclosure; that is, what about all that debt?  Those are real dollars owed.  If the debt is cancelled by forclosure, didn't the homeowner just get a huge benefit by way if forgiven debt … (3 comments)

 

Christina Botteri

Roseville, CA

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Random thoughts, freshly posted! I talk about the life and times of Real Estate in the Greater Sacramento Area, items of general interest, and stuff I think is cool... ;) Get great free widgets at Widgetbox!



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