Owners:
Just a quick reminder that the Mortgage Debt Relief Act runs out this year. If you're currently considering Short Selling your piece of Real Estate, now is a good time to start in order to avoid a 2013 closing. If closing occurs next year, the 1099 ,your lender will send you, will result in you (seller) having to pay Federal and State Income taxes, on lender Losses, as ordinary income. This protection has nothing to do with gains, it is the Lender's Loss you'll be paying taxes on. Act Now!
Just a quick reminder that the Mortgage Debt Relief Act runs out this year. If you're currently considering Short Selling your piece of Real Estate, now is a good time to start in order to avoid a 2013 closing. If closing occurs next year, the 1099 ,your lender will send you, will result in you (seller) having to pay Federal and State Income taxes, on lender Losses, as ordinary income. This protection has nothing to do with gains, it is the Lender's Loss you'll be paying taxes on. Act Now!
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