san jose short sale: No state taxes for Foreclosure and short sales in California any more - 04/09/10 07:03 AM

Good news for San Jose, California homeowners who lost their homes in Foreclosure and Short sales. As reported by LA Times the measure, which is expected to be signed by Gov. Arnold Schwarzenegger, would waive California state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. So far, the amount waived has been considered taxable income under California law. The measure passed Thursday would eliminate that tax when a bank agrees to accept less than what is owed on a home.
This is a big news for thousands of Californians whose homes were foreclosed on or sold … (2 comments)