Lately I have been hearing horror stories of people that have sold their home via short sale or gave the Home back to the bank "deed in lieu of foreclosure" or any solution to relieve part of the debt other than total repayment to the bank has been considered taxable income.
One of my old builders called me and asked me how business was going and what the interest rates were at. After some small talk he got right into telling me about the $130,000.00 1099 form he just received from a mortgage company that borrowed him money on a property.
I recently received an e-mail from the National Association of REALTORS and they have started to take steps and have gained backing to sponsor a bill that would not tax any debt foregiveness on a primary home.
Please feel free to comment on this subject and always feel free to call me with any questions you may have.
Mike Nehmzow
Get You Moved Realty
763-742-7653
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