San Diego Short Sale Process
Act Quick To Avoid TAXES
The Mortgage Debt Forgiveness Act of 2007 is set to expire on December 31st, 2012. Here’s what this act addresses… When you owe money and don’t have to pay it back, that’s called forgiven or cancelled debt. The IRS treats this cancelled debt as taxable ordinary income. Prior to the Act, many San Diego home owners who did short sales or lost their homes to foreclosure were actually forced to pay taxes on this “ordinary income.” This was considered punitive and unfair, so the Act was passed and changed the rules, making most homeowners exempt from taxes due on a short sale or foreclosure.
Unfortunately, the Act expires 12/31/12. And because short sales often take months to complete, anyone considering a short sale would be wise to start immediately so they can avoid paying taxes on their cancelled debt. There is the possibility that the act will be extended, but as of this writing, I’m not aware of a serious effort to do so.
Short Sale Your San Diego Home Now Before the IRS Comes After You
For more info, see the IRS site. And please verify the above with your tax professional.
So where should you start? Well the first step may be to check out our website www.ShortOrStaySanDiego.com Or, call San Diego short sale specialist Gary Kent at 858-457-5368 for a quick confidential analysis of your situation.
San Diego short sale expert Gary Kent has written the book on short sales. Gary would like to offer the San Diego Short Sale Guide to you for free – Click Here.
Attend a free seminar on October 22, 2012 ” SHORT SALE: How To Avoid Foreclosure, Save Your Credit, & Protect Your Savings!”
Come & Learn:
– How soon can you buy after your short sale?
– Do YOU qualify for a short sale? Come & find out!
– Protect your savings & assets from bank lawyers!
– Do you have to pay anything to do your short sale?
– How to get thousands in cash “relocation allowance”
– Avoid the stigma & lingering problems of foreclosure
– Can your lender sue you for the loss on your short sale?
– What REALLY hurts your credit? …It’s not what you think!
– Why a short sale is so much better for you than foreclosure
– Which “hardships” qualify you for a short sale? Which don’t?
– How we surprised one client with $14K cash at closing…legally
– If an agent does THIS, do NOT let them touch your short sale!
– What HAFA is & how it can make your short sale faster & easier
– 7 options if you owe too much. Most agents only tell you 2-3
– You’ve heard of property flipping. How about “flopping”?!
– Should you be current on HOA dues? Property taxes?
– Avoid dangerous scams, including the latest one
– When it’s illegal for banks to ask you for $$$
– Will a short sale delay/prevent foreclosure?
– Should you spend $$ to fix up your home?
– Must you be behind on your mortgage?
– Can you sell to family or friends?
– Can you buy your home back?
The Gary Kent Team of Keller Williams is a California Real Estate Broker, License 00862878. We are not licensed to provide legal or tax advice and we encourage our clients to seek legal and/or tax advice early in the short sale process. Click here for more information on San Diego short sales:
San Diego Short Sale Process:
by Gary Kent. Gary has successfully helped well over 200 clients and their families sell their homes or other real estate via a short sale. In 1991, he closed his first short sale for a young family, and since has been helping clients get out of stressful financial situations, escape from “under water” mortgages, avoid foreclosure (and the accompanying stigma), save their credit, and maintain their pride through a short sale. You can find Gary on Facebook, Twitter and Google+.