Short Sales May Cost Homeowners $ in Taxes in January

Posted by Michelle Farber Ross on Tuesday, September 18th, 2012 at 8:22am.

Starting Jan. 1, short sales may carry hidden cost

Back in 2007, a law was designed to help homeowners (and it specifically forbids the IRS from taxing forgiven money on a principal residence) process a short sale and walk away debt-free from their under-water homes. This may all change January 1, 2013, since this law expires on December 31, 2012.
 
A lot of things may change in the coming year with respect to taxation including short sales and capital gains. We will all stay tuned to see who is elected and which way these new tax laws go into effect. 

Yours truly,

Michelle Farber Ross

1 Response to "Short Sales May Cost Homeowners $ in Taxes in January"

MMD Realty LLC – South Florida Real Estate Blog – Blog Archive: September, 2012 | mmdrealty.com wrote: [...]Short Sales May Cost Homeowners $ in Taxes in January
Tuesday, September 18th, 2012 at 8:22am.

Michelle Farber Ross[...]

Posted on Saturday, March 16th, 2013 at 12:33pm.

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