Foreclosure in Antioch>Question Details

Shannon, Home Seller in Antioch, TN

Short sale taxes

Asked by Shannon, Antioch, TN Thu Apr 2, 2009

Does anyone know how to calculate the taxes they may have to pay for a short sale? Is there any kind of software you can use to plug in numbers to give some idea as to the taxes you may have to pay

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3
Shannon,

There are several different types of taxes that you may be referring to:
property taxe on your current home
state taxes paid at the time of home purchase
The tax implications to you of selling a home "short"

Which are you referring to?

Simon Hartland
Certified Short Sale Specialist
615 579-7909
0 votes Thank Flag Link Mon Aug 17, 2009
Shannon,

It depends on when it closes. You need to calculate the number of days up to the day of close of escrow. Well, you don't need to calculate all those tax numbers, ask the title company to pull the tax information for you and they will help you to figure out the exact number. Make sure, you are working with an experienced short sale realtor on your side for selling your house.

Blaison Samuel
Certified Short Sale Specialist
510-366-9405
0 votes Thank Flag Link Thu Apr 2, 2009
These calculations may change from state to state, Shannon, but here is a link describing HR 3648, a federal bill that may ease the burden on short sales. Good Luck!
0 votes Thank Flag Link Thu Apr 2, 2009
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