atlantic city real estate: Mortgage Debt Relief Act Extended
- 01/06/13 09:40 AM
This is a gift, nobody knows if we'll get it next year. Don't let your distressed sellers miss it! Congress has extended the mortgage debt relief act. This is an extension of the original debt relief act enacted in 2007. The mortgage debt relief act exempts the amount of mortgage that was forgiven in a short sale. Prior to this, the amount of shortage was considered taxable income to the seller. An example of this: A seller purchased the home for $ 200,000 and short sold it for $ 120,000. At the end of the year they would have to declare … (0 comments)
This is a gift, nobody knows if we'll get it next year. Don't let your distressed sellers miss it! Congress has extended the mortgage debt relief act. This is an extension of the original debt relief act enacted in 2007. The mortgage debt relief act exempts the amount of mortgage that was forgiven in a short sale. Prior to this, the amount of shortage was considered taxable income to the seller. An example of this: A seller purchased the home for $ 200,000 and short sold it for $ 120,000. At the end of the year they would have to declare … (0 comments)
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