tax: California gives tax break to those in foreclosures and short sales
- 04/12/10 12:56 AM
California Governor Arnold Schwarzenegger is poised to sign into law SB 401, legislation that will waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. The new legislation is expected to benefit about 34,000 California taxpayers. In a report Friday, the L.A. Times said Schwarzenegger would sign the bill in time for taxpayers to take advantage of the benefits before the April 15 deadline to file tax returns. The legislation also contains about $60 million in tax incentives to encourage corporate energy efficiency. The relief for Californians affected by the housing crises couldn't come at … (0 comments)
tax: Maryland county backs down on short sale tax scheme
- 01/28/10 02:59 AM
In a decision applauded by the Maryland Association of Realtors and other real estate professionals across the state, Maryland's Anne Arundel County announced it is backing away from increasing taxes on certain types of real estate transactions. The new taxes, collected on debt forgiven by lenders in short sale transactions, began this month. The extra fee, a recordation tax of $3.50 for every $500 on the sales price plus any forgiven debt, was collected on five homes in January for a total of about $4,000. According to the Anne Arundel County Comptroller's Office, this money will be refunded. The policy reversal … (1 comments)
Michael Urbanski is the chief executive officer of Heavy Hammer, Inc., and USHUD.com. Headquartered in Annapolis, Michael oversees the online networking and consulting company advocating for American homebuyers, connecting them with trusted experts and valuable resources. Driving one of the most widely used suites of foreclosure Websites, Heavy Hammer delivers all-inclusive, free lists of foreclosure properties to more than 500,000 homebuyers monthly. In business since 1998, Heavy Hammer has focused on geographically-based ad serving technology and processes allowing thousands of professionals to target specific locations, connecting directly with consumers in specific locations. Starting with USHUD.com, this group of sites now includes more than 30 state- and region-specific sites.
California Governor Arnold Schwarzenegger is poised to sign into law SB 401, legislation that will waive state taxes on mortgage debt that has been forgiven in a foreclosure or short sale. The new legislation is expected to benefit about 34,000 California taxpayers. In a report Friday, the L.A. Times said Schwarzenegger would sign the bill in time for taxpayers to take advantage of the benefits before the April 15 deadline to file tax returns. The legislation also contains about $60 million in tax incentives to encourage corporate energy efficiency. The relief for Californians affected by the housing crises couldn't come at … (0 comments)
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