Real estate blog entries tagged with homes for sale illinois by Paul N. Paterakis Lake Zurich, Long Grove, Hawthorn Woods, Kildeer Real Estate (The Paul Paterakis Power Team-Remax Showcase Homes For Sale )

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Home : Blogs : Paul N. Paterakis Lake Zurich, Long Grove, Hawthorn Woods, Kildeer Real Estate : Paul N. Paterakis Lake Zurich, Long Grove, Hawthorn Woods, Kildeer Real Estate 's Blog : Tag "homes for sale illinois"

homes for sale illinois: IRS and “forgiven” mortgage amount(s) - PowerteamHomes.com - 01/16/12 01:04 PM

Some of you keep asking if the IRS will go after stressed sales homeowners for the
forgiven amount they did not pay via the sale of their home that closed for much less than the mortgagenote. Back in 2010 and reported on our Monday’s MEMO’s we gave you the details on it: a two(2) year “stay” on that making it to December 31, 2012.
However, the IRS came up with certain restrictions on it (as they always do), and will revieweach case independently based on the following and more:• Amount forgiven vs. amount actually owed on the mortgage• Value of home … (0 comments)

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Paul N. Paterakis Lake Zurich, Long Grove, Hawthorn Woods, Kildeer Real Estate

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