The Government has quit “kicking em while they’re down!”

January 7, 2008

In the past, if your home was sold for less than you owed on a mortgage and the lender forgave some of the debt you owed - most sellers got taxed on the amount forgiven similar to normal income. 

As of December 20th, a new bill was passed that relieves many home sellers of this tax.  The home has to have been sold between January 1, 2007 and December 31, 2009.  If you have any questions about a specific transaction - CONSULT A TAX ADVISOR!  

Read the summarized details of the bill.

1 Comment | Real Estate's Legal Stuff, Short Sale | Tagged: , | Permalink
Posted by Phil Sexton