Martinez Short Sale Update, Mortgage Debt Relief Act Extended Through 2013!
Great news for Martinez short sale homeowners! Today is January 2nd and happy new year to you again. We just received word that the Mortgage Debt Forgiveness Relief Act is being extended for another year. This was an act that have been put into place in 2007. It allowed people if they qualified within certain criteria to be able to not have a taxable event on the money that, you know, the lender was basically forgiven. There was no taxes on the forgiven debt after a short sale had been completed, thus many Martinez short sale homeowners were protected on Federal and State taxes.
For most Martinez short sale folks who are looking to do that, they were trying to get their property closed by the December 31st of 2012, to make sure that they fell within the time frame for them to be qualified for this tax exemption. A lot of people were getting really nervous. We just closed a lot of short sales just in the last week of December to make sure everybody got through. At that point, we didn’t know if the law was going to be extended into 2013, but I can say at this point, today being January 2nd, it has been extended out into 2013 until the end of the year.
If you have any questions on how that works, obviously you want to talk to your CPA who prepares your taxes, but we can also give you some guidance and give you some resources on where to go to find out what the tax implications of the short sale might be for you. Of course we can take care of the entire short sale process for you,if you’re thinking about selling in 2013. Again, if you live in Pleasant Hill, if you live in Concord, if you live in Lafayette, Martinez, anywhere in that area, off the 24/680 Corridor, we are your short sale specialists. Let us know how we can help with your Martinez short sale.
*** Please consult with your CPA or tax preparer regarding tax issues related to your home. We are not licensed tax advisors nor attorneys ***
Martinez Short Sale Update | Congress extends Mortgage Debt Relief Act
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