short sale palm: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!!
- 12/22/07 01:01 AM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007. For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income. You see, borrowing money is not taxable as income. But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (2 comments)
short sale palm: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!!
- 12/22/07 01:00 AM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007. For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income. You see, borrowing money is not taxable as income. But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (3 comments)
short sale palm: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!!
- 12/21/07 11:55 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007. For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income. You see, borrowing money is not taxable as income. But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (12 comments)
short sale palm: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!!
- 12/21/07 11:54 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007. For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income. You see, borrowing money is not taxable as income. But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (0 comments)
short sale palm: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!!
- 12/21/07 11:53 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007. For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income. You see, borrowing money is not taxable as income. But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (0 comments)
short sale palm: MORTGAGE FORGIVENESS ACT 2007 - HUGE BENEFIT TO SHORT SELLERS!!!!
- 12/21/07 11:52 PM
On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007. For those of you that aren't up to speed on the downside of a short sale, if the bank lends you $100 and you end up only having to pay back $75, then by keeping the $25 you have to declare that $25 as ordinary income. You see, borrowing money is not taxable as income. But if you don't have to pay it back, then it is no longer a loan, and instead it is income, just as if you (oh my gosh!) … (5 comments)
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On Thursday the President signed into law - effective New Years Day, the Mortgage Forgiveness Debt Relief Act of 2007.
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