California Franchise Tax Board to forgive Tax on Short Sales. Yea!
LOS ANGELES (Dec. 4) – The CALIFORNIA ASSOCIATION OF REALTORS®’ (C.A.R.) announced today it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never received in a short sale. - See more at: http://activerain.com/blogsview/4269890/irs-and-ca-franchise-tax-board-declare-ca-sellers-not-liable-for-federal-or-state-tax-on-short-sales#sthash.CRbHKfOH.dpuf
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