Short Sale News Flash. Important and Good News
Posted by steele in minnesota on December 22, 2007 at 07:31:26:
This just in from one of our colleagues:
"The Mortgage Forgiveness Act of 2007 was signed into law yesterday and is now official effectively getting rid of the question "will I be taxed on the Short Sale".
Prior to this action, forgiven mortgage debt due to foreclosure, short sale, or deed in lieu of foreclosure, was potentially taxable income to the borrower. This was the subject of much media attention and led to many questions and concerns from Sellers wondering whether or not they were going to get “hit with taxes” on the Short Sale.
The new law, however, temporarily waives these taxes for debts forgiven (as high as 35%) from the beginning of 2007 to the end of 2009.
This will effectively put an end to the question from Sellers . . . will I be taxed on the Short Sale discount. The definitive answer (at least until the end of 2009) is NO!"
Steele V. Propp
Foreclosure Specialist/Loss Mitigator
Schatz Group Real Estate
Minneapolis, Mn
steelep@aol.com
Follow Ups:
- unless... - NJD 10:04:05 12/22/07
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- Re: and ... - NJD 10:08:29 12/22/07
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- Re: and ... - steele in minnesota 12:46:16 12/22/07
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- Re: and ... - NJD 10:05:49 12/23/07
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- Re: and ... - NJD 13:18:40 12/22/07
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- Further clarification - steele in minnesota 15:50:17 12/22/07
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- Where is this main attorney board ? (nt) - Bill H 21:29:56 12/22/07
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- Re: Where is this main attorney board ? (nt) - steele in minnesota 08:07:18 12/23/07
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- Re: Further clarification - NJD 17:16:42 12/22/07
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- Re: Further clarification - steele in minnesota 08:12:49 12/23/07
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