Tax Relief Extended for Short Sales &other Mortgage forgiveness!
In an end of the year move that has been applauded by many industry leaders the US Congress has extended the Mortgage Debt Relief Act for another year. The bill is included among other tax extensions approved and awaiting signature from the President.
This is encouraging news for homeowners still underwater and facing the possiblity having to sell thier home as a short sale. No longer have to worry about being taxed on your federal return for the difference between what the home sells for and your loan amount!
Anxiously waiting for the State of California and the Franchise Tax Board to follow suit for California State Taxes!