April 2012 
There are 1 blog entries for April 2012.
Short Sale Debt Cancellation Set to Go Away
Wednesday, April 11th, 2012 at 1:25pm. 665 Views, 0 Comments.
Originally, when you did a short sale you were taxed on the amount that you were forgiven by the lender. This was a serious downside to doing a short sale because it could leave you with a large tax bill. For example, if you bought a house for $500k, still owe $450k and it's now worth $250k in the current market then doing a short sale means that you would be forgiven $200k by the lender (assuming it sold for 250k) The IRS looks at the forgiven $200k as "Imputable" income which is subject to normal tax rates. But in 2007 when short sales really took off, Congress passed a provision that allowed homeowners to exclude forgiven debt on their income taxes. This was much needed, as short sales have been and continue to be a huge part of the market and will be…
The Oakland Real Estate Market is HOT
I'm happy to say, that there is definitely a significant increase in activity compared to this time last year. Multiple offer... Add Comment Read MoreShort Sale Debt Cancellation Set to Go Away
Originally, when you did a short sale you were taxed on the amount that you were forgiven by the lender. This was a seri... 13Comments Read MoreChanges To FHA Mortgage Insurance Premium
The Federal Housing Administration recently announced an increase in the upfront Mortgage Insurance Premium. Mortgage insuran... 4Comments Read More
