Excellent information!

 Chris Elizabeth Griffith ~ Bonita Springs Fl Real Estate - Thak you very much!

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

I have also heard form industry insiders that the IRS is seriously considering waiving the taxable portion of the "Phantom Income."  It will be interesting to see how it plays out. 

John - another very informative post!  Thanks for the great resources.

Not sure how I feel. But I sure like the pitch to subscribe. I like that a lot.

John,

Thanks for the continuing ed on this subject.

NO. :-)

John, excellent information. Bookmarked to read it all in great detail. Thanks !

Chris Pollinger - I don't think the IRS has the ability to just waive the tax all together - they do on a case by case basis.  In order to waive the tax, the congress needs to get involved.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

 Marlene Bridges-Orange County CA Homes Orange County CA Homes & Real Estate - Thank you again for the kind words. Hopefully it's a resource yo'll never have to use.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

The Real Estate Text Book authored by William Johnson GRI CRS e-PRO - You are not comfortable with the IRS waiving this loss as income?  Now when it comes to politics I am pretty far on the right side of the spectrum, but there are things we need to take care of as  a society and I believe this to be an unjust tax.  Most (not all) of these homeowner put a lot of the cash they took out into thier homes - adding pools, remodeling kitchens and bathrooms as well as other improvements - so they should be taxed again on this money?

As far as my new sig file and the opportunity to subscribe to my blog, thanks - I don't like a lot of widget, but I do like information and ease of use.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

 Fran Gatti - Crescent City, CA - Thanks Fran, but I don't think the DRE will; grant you any hours...sorry.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

 Brad Andersohn - You are one of those party poopers that doesn't believe in Santa Clause too, aren't you?  How about the Easter Bunny?

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

Missy Caulk- Ann Arbor Real Estate - Thanks, if you ever have a client that needs this information it is all straight from the IRS, so you don't have to worry about my interpretation or it being regional.

Now Have a Blessed Day,

John Occhi, Hemet CA REALTOR®
Mission Grove Realty

No! :-)

well....maybe the easter bunny! LOL! :-)

Come on, John... you're pulling our legs! Seriously, that's great information. Thanks for sharing it.

Hey John, I see you stumbled across the same site that I posted on about the cancellation of debt last week.  It really is a wealth of information, isn't it?  I immediately enrolled in the newswire as I had not been on it prior. This is a great source of information for homeowners going through a short sale and I hope they use it!