Homeowners who are considering a short sale will be eligible for tax relief in 2013.
The fiscal cliff bill passed by Congress on January 1 2013 included a provision to exclude homeowners from paying taxes on debt forgiven through a short sale, a foreclosure or a loan modification.
Known as the Mortgage Debt Relief Act of 2007, the act was scheduled to expire December 31, 2012 but has been extended for another year.
If are thinking of moving and may need to sell your home as a short sale, contact me today for confidential advice on Selling your Home as a Short Sale.
Click here to view a Short Sale Webinar, a Quick Guide to Avoiding Foreclosure and Saving Your Credit.
Jim Starwalt, Broker Associate RE/MAX Center