Proverbial Falling off Fiscal Cliff 2013
Tax Exclusion on Short Sales, extended to end of 2013.
My original post on this matter is here: Income Taxes & Foreclosures/Shortsales 12.21.2007.
As you know the tax code had an “Exclusion from gross income of discharge of qualified principal residence indebtedness (Sec. 108)”
…in other words many home owners were not taxed for 1099C income received as a result of foreclosure/short sale. This exclusion expired 12.31.2102, it been reinstated and extended to 12.31.2013. Good news for the short sale market.
OTHER SHORT SALE POSTS
Addendum to Short Sale Listing 1.26.2010
Advance Fees Continued and the FTC 1.6.2011
Advance Fees – Short Sales – FTC II 5.4.2011
Charging for negotiating short sales/Negotiators 10.1.2010
Deficiency Judgments Nevada 4.27.2007
Foreclosure and the One Action Rule in Nevada 4.10.2007
HAMP the Federal Shortsale Program coming April 2010
Income Taxes & Foreclosures/Shortsales 12.21.2007
IRS PUBLICATIONS shortsales/foreclosures:
Ten Facts about Mortgage Debt Forgiveness
IRS publication on how 1099 taxes are calculated, exempt, etc.
IRS explanation as to taxes resulting from Foreclosure and Debt Cancellation.
Judicial Foreclosures (Short sales are looking more attractive..) 3.23.2012
Lender Short Sale Approval Addendum
Nevada Supreme Court Mandatory Mediation Program and How it Affects Shortsale
Seller Being Released From Liability Language in Shortsale
Seller Liability After Short Sale 4.20.2007
Short Sale Addendum to Purchase Agreement October 2010
Short Sales and Bankruptcy and Waiting Periods 10.5.2012
Short Sale Junior Lien/Senior Liens Rights To Sue & Other Changes
Short Sale Wallet Size Answer Sheet
Questions? email me darren@dwelshlaw.com
January 3, 2013 at 4:56 pm
[…] Income Taxes & Foreclosure/Short Sales 2013 Update 1.2.2013 […]
May 31, 2013 at 1:07 pm
[…] Income Taxes & Foreclosure/Short Sales 2013 Update […]
September 30, 2013 at 3:53 pm
[…] Income Taxes & Foreclosure/Short Sales 2013 Update […]
November 12, 2014 at 8:19 am
Just in case anyone needs to fill out a form 1099C, I found a blank form here http://goo.gl/7BNdnh. This site PDFfiller also has some tutorials on how to fill it out and a few related tax forms that you might find useful.
December 17, 2014 at 6:47 pm
[…] See also January 2013’s, Income Taxes & Foreclosure/Short Sales 2013 Update […]
December 17, 2014 at 6:50 pm
[…] See also January 2013’s, Income Taxes & Foreclosure/Short Sales 2013 Update […]