San Mateo Short Sale Sellers Did You Know?

California Follows Fed Again

The Govenator followed the Fed last week by signing the home buyers’ tax credit of $10,000. Keep in mind when the money runs out so does the tax credit.

Tax Forgiveness After Short Sale

One of the worst surprises some short sale sellers have come to realize is that they have to pay tax on the money that the bank forgave. In other words, you sell your house for $100,000 less than you owe on your loan. Surprise – you have to pay taxes on that $100,000.

Well not anymore. The California Association of Realtors reports, “Senate Bill 401 generally aligns California’s tax treatment of mortgage debt relief income with federal law.

For debt forgiven on a loan secured by a ‘qualified principal residence,’ borrowers will now be exempt from both federal and state income tax consequences.”

As always, restrictions apply so check with your tax professional to see if you qualify.

Looking to buy or sell a home in San Mateo?
call me ~ text me ~ email me
I’m here to help.

Vicki Moore, Realtor
Alain Pinel Realtors
650.888.9268
Vicki[@]CallVicki.com

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Vicki Moore About Vicki Moore

Office:
RE/MAX Star Properties
282 Redwood Shores Parkway
Redwood Shores, CA 94065

By Phone:
650.888.9268

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