taxes: California Eliminates "Short Sale Tax"
- 04/13/10 08:52 AM
California has brought its tax code up to match the federal standards when dealing with short sales, foreclosures and loan modifications. Under Senate Bill 401, homeowners who have or will experience one of these potentially-taxable situations can rest assured that government finally believes that if you can't afford to pay on the loan, there is certainly no way you can afford to pay taxes on $200,000 that you never made in the first place. In order to qualify for the tax relief, the home must be a qualified principle residence (no rental properties). Aslo, the debts must be discharged from … (2 comments)
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