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Home Selling in Baldwin Park : Real Estate Advice

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  • Local Info3
  • Home Buying11
  • Home Selling1
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Activity 4
Clashcityray, Home Buyer in Oakland, CA
Tue May 24, 2016
Clashcityray asked:
,  in
Sat Jun 13, 2015
There are several things that may work for you

Yes Walter is correct you do have a $250,000 exception.

You could carry back a note and defer the taxes.

I do have lawyers that I work with.

There are other questions that need to be asked though, are you buying another house?

Are you selling it to a family member.

Give me a call for a free consultation

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Ted Greene, Real Estate Pro in Sacramento, CA
Tue Feb 4, 2014
Ted Greene answered:
Your question was over 2 years ago and a lot has changed since then. If you sold your house in 2013 through a short sale then you should not receive a 1099C and will not owe income taxes on the debt forgiveness. I would assume the banks will not get this right so if you do in fact receive a 1099C then you should contact a good tax preparer and explain your situation and make sure they know the current law. Please contact me if you aren't sure.

The good news is that the IRS and the Franchise Tax Board have both agreed that any debt forgiven through a short sale is non-taxable in California. It's a little complicated to explain here but if you want more information regarding this you can contact me. Please know that a FORECLOSURE is not treated the same and there could be income tax and debt still owed (on a second mortgage for example).. so it's very important to be sucessful on a short sale and NOT let the house go through foreclosure.

I am a licensed California attorney and I specialize in this area. I'm also a real estate Broker and if I help you with your short sale it costs nothing and you get an attorney on your side. We make the banks and the buyers pay all fees and costs.

Please contact me at 916.442.6400 to discuss.
Ted A. Greene
Law Offices of Ted A. Greene, Inc.
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Karen Negrete…,  in The Santa Clara Valley
Thu Feb 21, 2008
Karen Negrete, ASP, IAHSP,IRIS answered:
I know this question was posted in October but I wanted to add my 2 cents as a stager and as a baby boomer. Deborah is correct (as always) that you can stage around the grab bars, etc. which you probably have already done plus chances are your home has already sold.

But we baby boomers are now called the "sandwich" generation with having to care for ailing parents as well as ourselves AND our children. Buying a home that's already fitted with ramps and grab bars is becoming desirable...not in the same way as granite counters and recessed lighting but we're now looking at the reality of having an aging or ailing parent move in with us. Granted, your field of buyers may have been reduced somewhat because you have more of a specialty house but your home offered the benefit having already been fitted. I personally know of people remodeling to their home and being mindful to add features that would accommodate a wheelchair or walker.

I hope you got a good price for your home, Thelma.
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