Are you thinking about Short Selling your house????
Now is the time – New regulations for 2013! Short Sale needs to close in 2012!!!
The government generally considers forgiven debt to be income. If a seller has signed legal loan papers to take out a $200,000 mortgage and the lender accepts $100,000 in a short sale, for example, the seller received the equivalent of $100,000 in free money by government estimates. As a result, the IRS taxes it. For tax year 2012, however, the government still forgives the debt; in 2013, it might not.
The tax amount can be significant. On a debt of $100,000, a short-sale seller in the 25 percent tax bracket could end up owing $25,000 in income taxes.
Since short sales can take months and even fall through, homeowners considering a short sale may want to
start the process sooner rather than later!
My Name is Andrea Palmer and I can help sell your home before time runs out!
239-333-5556
Cape Coral Luxury Homes
Jones & Co Realty
