Mortgage Forgiveness Debt Relief Act EXTENDED another year! This is great news!!! Quick explanation: if you owe money on your home and are unable to continue making payments and you sell your home (shortsale), the difference between the money you owed and the price you sold your home for is NOT taxable by the IRS. (ie., you owe 200,000 and you shortale your home for 100,000 - the 100,000 difference in what you owed vs what you sold it for will not be taxed by the IRS before 1-1-14) Please call if you have any questions or know anyone who needs to sell!
775-220-6330
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