http://realtyworldpcp.com The Very Best Service Through Cutting Edge Technology! Thu, 10 May 2012 06:26:21 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 http://steveholderfield.com/2012/01/17/tax-law-change-coming-on-short-sales/ http://steveholderfield.com/2012/01/17/tax-law-change-coming-on-short-sales/#comments Wed, 18 Jan 2012 00:31:00 +0000 Steve Holderfield http://realtyworldpcp.com/2012/01/17/tax-law-change-coming-on-short-sales/ Image by 401K via Flickr
Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013?  That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 would be taxed at your tax rate.  For a person in the 25% tax bracket that means they would owe $25,000 to Uncle Sam.  If you are having trouble making your payments, I can think of no better reason to do a short sale in 2012.  Contact us today.  You do have options!

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