Senate Committee Backs Short Sale Tax Relief Bill Extension

Posted in Short Sales on Oct 2, 2012

WASHINGTON — Here's some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee has approved a bipartisan bill that would extend the Mortgage Forgiveness Debt Relief Act through 2013.

Why is this important? Several reasons: The debt relief law potentially spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of owners who go through foreclosure or leave their homes following short sales would experience even more financial stress.

The bill isn't fully approved until it goes to the full Senate for a vote, though, so there's still a chance that homeowners looking to become exempt from the tax ramnifications of a short sale could miss out on the savings, especially since approving the bill comes along with a billion-dollar plus price tag, and it is an election year.

If you or someone you know needs to sell a property, please contact me immediately!

Cindy Holmstrom
Cindy Holmstrom, Broker CRS CDPE
Simply The Best Real Estate Co., Inc.

P: 858-673-0608

M: 858-361-6164

 
 

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17842 Kachina Ct
San Diego, CA 92127

Cindy Holmstrom

Cindy Holmstrom
Broker CRS CDPE

Office
858-361-6164

Fax
866-444-0436

Email

Calif Brokers License CA BRE #01026343

Mary Stukey-Cader

Mary Stukey-Cader
REALTOR®

Direct
858-254-6954

Fax
866-444-0436

Email

01342904

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