california mortgage relief act: Deadline For Short Sales Looming - 01/29/12 04:23 PM
So much of the Mission Viejo Real Estate Market is short sales. In fact, all of Southern California seems to be listing short sales. It's a sad situation that those who purchased or refinanced during the "boom" period a few years ago now find themselves stuck when they need or want to move.
In an effort to help these short sale sellers as well as the housing market in general, Washington DC had passed the Mortgage Tax Relief Act. This included the provision in which the federal tax consequences were not applied for a period of time.
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california mortgage relief act: California Law Just Passed: No State Tax on Forgiven Debt - 04/13/10 03:43 PM
Home owners who have had mortgage loan balances forgiven through foreclosure, short sale or loan modification will no longer have to pay California State Income tax on that amount. This applies to "qualified primary residence debt." In plain words this is debt which was incurred to buy, construct or substantially improve the principal residence...and applies to both first and second trust deeds. This bill, Senate Bill 401, was signed into law on 4/13/10 and brings California in line with similar Federal forgiveness programs.
To read more...visit the Franchise Tax Board's website
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