For all the people out there that may be having to do a short sale on their homes there is a new bill out there that will really benefit many people if it is passed. It is called HR3648 and it basically makes the difference between what you sell for and what is owed and makes that amount NON taxable. Currently your lender can issue you a 1099 at the end of the year and you will have a huge tax bite potentially!
Here is the link to this bill if you want to review it and see what it says yourselves.
Of course this bill has some catches etc but it will really help out if they get it through!
EFFECTIVE DATE.—The amendments made by
this section shall apply to discharges of indebtedness on
or after January 1, 2007.
It appears that it will include only those discharges done after Jan 1st 07.
Regards,
Rick
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