Senate Committee Backs Short Sale Tax Relief Bill Extension

Posted in Short Sales on Oct 2, 2012

WASHINGTON — Here's some encouraging news for financially stressed homeowners across the country: The Senate Finance Committee has approved a bipartisan bill that would extend the Mortgage Forgiveness Debt Relief Act through 2013.

Why is this important? Several reasons: The debt relief law potentially spares homeowners who receive principal reductions on their mortgages from being hit with hefty federal income taxes on the amounts forgiven. Without it, millions of owners who go through foreclosure or leave their homes following short sales would experience even more financial stress.

The bill isn't fully approved until it goes to the full Senate for a vote, though, so there's still a chance that homeowners looking to become exempt from the tax ramnifications of a short sale could miss out on the savings, especially since approving the bill comes along with a billion-dollar plus price tag, and it is an election year.

If you or someone you know needs to sell a property, please contact me immediately!

Gordon Kane, Broker

Gordon Kane, Broker
Broker/Realtor

Cell
619-980-4673

Office
619-818-3426

Fax
858-947-3564

Email

CA BRE 00598818

Diane Kane, Realtor/CRS

Diane Kane, Realtor/CRS
Realtor/CRS

Cell
619-818-3426

Office
619-818-3426

Fax
858-947-3564

Email

CA BRE 00992793

Featured Properties
Get Personalized Help

Let us know what kind of properties you are looking for, or what questions you have, and we will get right back to you:

Your Name
Your Email Address
Your Phone Number
Your Address
Your Specific Needs


Real Estate