Considering a Short Sale in 2013? How the Fiscal Cliff Negotiations will Benefit You

The Mortgage Forgiveness Debt Relief Act was set to expire January 1, 2013 meaning that homeowners who complete a short sale after that date would be taxed on the deficiency that the bank accepted as if it were income.  This would put many struggling homeowners in a bind.  While they are no longer responsible for the deficiency to the mortgage company they are left with a large tax burden.  Luckily this has been extended for another year under the fiscal cliff negotiations.  If you are considering a short sale please speak with your tax adviser as they affect everyone differently depending on their income and tax situation.

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