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Avoiding Taxes on Short Sales

I was just reminded about a fact , and began wondering whether it was well known. Since so many homes are being foreclosed on, I have my doubts about consumer awareness of the fact. Whether you are a pro or a consumer, you should be aware that the provisions of the Mortgage Forgiveness and Debt Relief Act of 2007 are not automatic.

Since I cannot say it better, I sugest that everyone read the following article:

What You Need to Know About Short Sales and Loan Forgiveness

Posted by Jim Johnson on 05/02/2008 11:54 AM

Comments (1)

short sales, mortgage forgiveness and debt relief act of 2007, taxes

1 Comments on Avoiding Taxes on Short Sales

MAY

2008

Good post, Jim. I do think there is some possibility of discussion over his treatment of tax liability for homestead property. Having read several blogs written by foreclosure attornies, I have concluded that homestead properties are an exception to the rules stated. maybe I misunderstood.
JimG

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Jim Johnson

San Antonio, TX

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Century 21 Smith & Associates

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