Considering a Short Sale The Time May Be Now!, Waukegan

Considering a Short Sale The Time May Be Now!

Considering a Short Sale? The Time May Be Now!

The Mortgage Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

This provision applies to debt forgiven in calendar years 2007 through 2013 . Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion does not apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home's value or the taxpayer's financial condition.

More information, including detailed examples can be found in Publication 4681, Canceled Debts, Foreclosures, Repossessions, and Abandonments. Also see IRS news release IR-2008-17.

If you owe a debt to someone else and they cancel or forgive that debt, the canceled amount may be taxable. Unless extended by the government, you may no longer be able to short sale your home in the event you are upside down or have negative equity in your home without adverse tax consequences.

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If your property is now listed with a REALTOR® or broker, please disregard this offer, as it is not my intention to solicit the offerings of other REALTORS® or brokers. All rights reserved. All content contained herein cannot be copied or used off this website in any way without the express written consent of the owner. William Werhane is a licensed agent with Century 21 Roberts and Andrews. 1850 E. Grand Ave Lindenhurst Il 60046









Ad ID: 145360377  Considering a Short Sale The Time May Be Now!, Waukegan
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