My advice is, if you are upside down on your mortgage, you should not wait till the last minute. Short sale the house before the time runs out. Or try to call your mortgage bank to do the loan modification.
Please feel free to call my direct line at 562-331-0047 if I am able to help or answer your question.
Betty Chang, Realtor
It means if they don't extend it, and I doubt they will, you may be taxed both state and federal for the difference.
It is my opinion,....
lets say you bought a home for 500,000
lets say you sell the home for 250,000 and the closing costs were 50,000 Just using round numbers.
you will be facing taxes of 300,000 of income for 2013.
However I am not a tax person and you should verify this info with a CPA.
Time is ticking.
Makes you realize short sales and foreclosures should stop quite a bit next year.
The taxes will kill you if you foreclose or short sell in 2013
The IRS will never stop coming for you and the IRS can not be filed bankruptcy on.
they collect either way sooner or later.
Don't forget to vote best answer for those who give the best answer.
Harold Sharpe - Broker
So Cal Homes
California Department of Real Estate Broker License # 01312992
Sara Mehrpouyan CDPE
Specializing in Short Sale & Foreclosure
Dre license #01712757