Saturday, January 28, 2012

We've Been Taking It For Granted !

The debt forgiveness act is due to expire at the end of 2012...that's really important to remember. We've been able to help many homeowners with short-sales and there hasn't been the problem with paying capital gains taxes on the shorted amount.

Lest you forget, if you owe 500, short-sell your house for 400, there is a 'capital gain' in the tax-mans' eyes of 100k. As of now, the income tax on that gain has been waived. Unless that law is extended, we would have to pay the taxes on that 100k gain.

I'm not trying to scare someone into putting their home on the market, but it is definitely something to consider. Whether your home is foreclosed upon or sold in a short pay-off capital gains taxes are of this moment.

Read the full article if you wish here:

This is scheduled to change at the New Years Bell Dropping of 2013!

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