Short sale sellers need to close in 2012 - 02/06/12 12:27 PM
WASHINGTON – Feb. 3, 2012 – If a bank writes off debt in a short sale, it’s a “taxable event,” and the lender tells the Internal Revenue Service about the deal by submitting a “Form 1099-C, Cancellation of Debt” at the end of the year. Home sellers must acknowledge the amount when they fill out their federal taxes. Through Dec. 31, 2012, however, the federal government forgives any tax liability associated with forgiveness of a mortgage loan. “In general, homeowners believe the government will extend this tax provision,” says San Diego Realtor Joy Bender. “However, as evidenced by the First Time … (4 comments)

 
Rickheadshot Rainmaker_large

Rick Schuster

Boca Raton, FL

More about me…

Jaycee Realty, Inc.

Address: 20283 State Road 7, Suite 400, Boca Raton, FL, 33498

Office Phone: (561) 206-2835

Email Me

As a Licensed Real Estate Broker, Licensed Title Insurance Agent and Licensed Mortgage Broker, Rick Schuster puts together all of the pieces of the Real Estate puzzle.

As a Licensed Real Estate Broker, Licensed Title Insurance Agent and Licensed Mortgage Broker, Rick Schuster puts together all of the pieces of the Real Estate puzzle.


Listings

Links

Archives

RSS 2.0 Feed for this blog