Set to Expire in December

Dated: 12/27/2012

Views: 1160

The Mortgage Forgiveness Debt Relief Act is proposed to terminate at the conclusion of the year. The IRS views on forgiven debt income, means that any individual with a deficiency amount which is waived, might end up being held accountable for income taxes on the sum of money owed which has been forgiven. There is presently a rule that provides an exemption concerning this income tax for a person’s principal residence. This exemption will definitely reach their expiration date by the end of the December if it turns out congress would not act to extend it.

 If you happen to be a real estate investor specializing in short sales or you are a home owner attempting to sell your house as a short sale, the expiration of this exemption would have a significant impact … it might be well worth the few minutes to give your current congressman a phone call or send an email to state your opinion. For any inquiries on Short Sales or if you are looking to sell your home call me at 813-438-4438 today!
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