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Archive for June, 2012

If you have received a 1099-C form from your mortgage company, the reported “income” which is the difference in the amount of what you owed and what the bank received, you may not  have to pay taxes on that income. But only if you qualify under the Mortgage Debt Relief Act of 2007 . If you are considering “short selling” your home, the first thing you should know is that this Act is due to expire in December of 2012. Thats right, this year. And typically the “short sale” process takes anywhere from 3 to 6 months to final close of escrow.

Here is an excerpt from the IRS – read the full article on  IRS.gov:

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 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately).

If you have questions about the short sale process, click on this link for frequently asked questions and a full description of the process.

Kathryn Bovard is experienced with the often lengthy and sometimes stressful Las Vegas short saleprocess.   If you are contemplating a Las Vegas short sale, she can assist and navigate you through the entire process. Call Kathryn direct at 702-348-7191

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