A recap of some new real estate laws

By
Real Estate Broker/Owner with Independent Real Estate Broker DRE#00972295

If you blink, you’ll miss a lot in this real estate market. Here’s a recap of some laws and provisions that will expire:

 

Waiver of the 90 day property flipping rule will expire on 12/31/2011

Summary: Applies to FHA insured home loans. The FHA 90 day property flipping rule: FHA will not insure a loan for any property where title was transferred within 90 days.

 

2007 Mortgage Forgiveness Debt Relief Act and Debt Cancellation will expire on 12/31/2012.  This applies to short sales.  If you “short sell” your real property after 2012  be aware that once this act expires any “debt forgiven” can be tax as if you earned it as income.

Summary: “This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately)”

Click here for more on 2011 New Federal and State Laws

Posted by

Aida Pinto (562) 884-6196
Los Angeles County
Real Estate Broker



The Real Estate Maven : https://www.facebook.com/aRealEstateMaven?ref=hl

 

Short Sale, Probate and standard real estate expert.

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Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Thank you for posting this reminder ! I think PMI as being Tax Deductable expires in 2012 also ?

Jun 06, 2011 01:26 AM #1
Rainmaker
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Aida Pinto
Independent Real Estate Broker - Los Angeles, CA
Real Estate Broker (562) 884-6196

Michael...thanks...yes, it does...thanks for reminding me....looks like a lot of things will be expiring in 2012...end of the world prophecy....maybe....lol!

Jun 06, 2011 03:47 AM #2
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Rainmaker
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Aida Pinto

Real Estate Broker (562) 884-6196
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