Tax Waiver On Mortgage Debt Forgiveness & What Does This Mean To All Of Us Homeowners???? By Steve Wadkins

This Act ensures that homeowners who received before December 31, 2012 a Short Sale or other forms of debt forgiveness on their primary residence do not have to pay taxes on the amount forgiven. Without the Mortgage Forgiveness Debt Relief Act, the debt reduced in a short sale or mortgage modification qualifies as income to the borrower and is taxable. The Administration is proposing an extension. Call your CPA for more information on this or call me and I will give you CPA Firm Telephone numbers.

In My Opinion; if this is not extended, which I don’t believe it will be, then the banks will need to Pony up money to the short sellers to cure the income taxes against us homeowners. This is why it is very important to not ride the fence on a short sale if you are in an Unmanageable Mortgage.

I am having a FREE Homeowner Event this next Wednesday February 22, 2012 at 6:00 pm at my office in the Training Center. This Event is open to Homeowners that want to know what their Options are and questions answered by one of my guest a Real Estate Attorney. You don’t want to miss this. If you are interested email me at Info@WadkinsHomeTeam.com to RSVP.

As an Advanced Certified Distressed Property Expert CDPE Licensed Realtor® I can Help you Navigate through Your Unmanageable Mortgage

Steve Wadkins CDPE Realtor®

Realty ONE Group/Wadkins Home Team

702-281-8288

www.LasVegasShortSaleHotLine.com