Good news. According to reliable sources, the late night deal to avert the fiscal cliff included an extension of the 2007 Mortgage Forgiveness Debt Relief Act which was to expire at midnight last night. According to the National Association of Realtors, and confirmed by the text in the screen shot of the bill: Of most interest to … Read More…
Tag: Mortgage forgiveness debt relief act
Will I Have to Pay Taxes After a Short Sale?
Categories: Short salesTags: 1099, Mortgage forgiveness debt relief act, taxes, Westchester short salesThe concern of some homeowners looking to do a short sale that a 1099 issued from the bank will expose them to a new problem, namely a huge income tax bill on the forgiven debt, is understandable. With home values in Westchester in 2010 at a median of $630,000, a six figure 1099 is entirely … Read More…