Skip to main content
#
ColumbiaForeclosureRelief.com
Columbia Foreclosure and Short Sale Information
Available Short Sale in Heatherstone Irmo
Irmo, SC Short Sales
Successful Short Sale Gallery
Available Short Sales Gallery
Columbia
How To Stop The Foreclosure Process
Effects Of Foreclosure
Short Sale Testimonials
SCHelp
Avoid Foreclosure
What Is A Short Sale?
Short Sale vs. Foreclosure
Qualifying Process for a Short Sale
Access This Free E-book
Benefits of a Short Sale
Things You Should Know Before Proceeding With A Short Sale
Learn About Short Sales
Frequently Asked Questions
Glossary Of Terms
FAQ
What The First Step In The Short Sale Process
Qualifying for a Short Sale and Avoiding Foreclosure
Home Evaluation
Testimonials
Getting Started
What Is A SFR - Short Sales and Foreclosure Resource?
Important Website Information
Columbia Short Sale Information
Rozalyn Franklin
Rozalyn Franklin - (803) 318-6412
Our Blog 
Wednesday, January 02 2013
 Great news for Columbia Homeowners who intend to sell their primary residence via a short sale this year. 

The tax break that has saved struggling homeowners from paying thousands of dollars to the IRS has been extended.

The Mortgage Forgiveness Debt Relief Act of 2007 was extended for one year, through December 31, 2013, as part of the fiscal cliff compromise approved by the House and Senate.  Section 202 contains the language about the extension.  Attached is the bill, or you can access it by clicking here:  http://www.scribd.com/doc/118551686/Mat-12564 .

This means if a Columbia Homeowner owes $150,000 on their home and it sells for $100,000 in a Short Sale,   the remaining $50,000 may now still be covered under this Act. For a Columbia homeowner in the 25% tax bracket, that could mean a savings of $12,500 in taxes on the short sale. Similar taxes would apply for amounts that were forgiven in other short sales and principal reductions.

Posted by: Rozalyn Franklin AT 03:56 pm   |  Permalink   |  Email
Share This Page
Columbia Foreclosure Relief
Email
Twitter
Facebook
Digg
LinkedIn
Delicious
StumbleUpon
Add to favorites
Reddit
MySpace
Translate

Brought to you by:

Rozalyn Franklin
Keller Williams Realty

140 Wildewood Park Drive
Columbia, SC 29223

(803) 318-6412



DISCLAIMER - TERMS OF USE - PRIVACY POLICY - CONTACT POLICY - IMPORTANT NOTICE

Copyright© 2009- Pro Step Marketing, All Rights Reserved.

Disclaimer: The information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR®, attorney, and tax expert.

Site Powered By
    prostepmarketing.com
    Online web site design