short sale tax consequences: Deadline Coming Up for Short Sale Tax Break - 07/20/12 02:22 PM
If you know anyone who has been considering the idea of doing a short sale of their Long Beach home, let them know that the window will soon be closing an important tax-relief measure.
A short sale is simply a sale where the homeowner owes more on the property than it’s currently worth and so the lender must approve the loss before the sale can proceed. The lender’s loss becomes “income” for the homeowner, and at the end of the year, the lender issues a 1099.
Under a 2007 law that expires Dec. 31st, most taxpayers are able to exclude from … (3 comments)

short sale tax consequences: SHORT SALES: Deficiency judgments & tax consequences - 01/04/11 06:12 PM
Frequently when we're assisting sellers with short sales in Long Beach and surrounding communities, we are asked about tax consequences and deficiency judgments. While I'm not an attorney or a tax consultant, here are a few things for sellers to keep in mind.
What exactly is a deficiency judgment? It's a judgment for an amount not covered by the value of the asset that secured the loan. In everyday terms, it's the lender's attempt to "go after" the sellers for the difference between the amount owed on the loan and the approved short sale price.
In California, Senate Bill 931 recently became … (1 comments)

 
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Shannon Jones

Long Beach CA Real Estate

Long Beach, CA

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