Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Selling in 11510 : Real Estate Advice

  • All12
  • Local Info0
  • Home Buying7
  • Home Selling1
  • Market Conditions0

Activity 1
Fri Oct 28, 2016
Ian Lozada answered:
If the short sale closes before the end of this calendar year (2016), there should be no implications tax-wise, but at the end of the year, the latest extension of the Mortgage Debt Forgiveness Act expires, and unless it is renewed again, the difference between your debt owed and the amount the home sells for would be reportable income on a 1099-C form.

http://www.realtor.org/topics/mortgage-debt-cancellation-relief

I would speak to both a certified public accountant as well as a short sale attorney for more information.
... more
0 votes 2 answers Share Flag
Search Advice
Search

Followers

235