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Short Sales, Foreclosures And Your Tax Obligation

Published February 17, 2011 in Bank America Short Sales - 0 Comments

My First Short Sale

Hi! Welcome to Group 46:10’s short sale website. We are Kevin Kauffman and Fred Weaver, Arizona’s premier short sale realtors. There are a lot of excellent pieces of information on this blog to help Arizona property owners stay up to date or get educated concerning short sales in Arizona. We have closed higher than 300 short sales over the past few years at a very high success rate. So, we have lots of good quality information to share with you.

One of the comments that we get from lots of potential customers is regarding taxes. Many people think they should let the house foreclose so they do not have to pay the taxes. That is in reality not accurate. There is so much misinformation in the media, on the internet, or at the workplace.

We want to be clear concerning a few things. When you do a short sale or when you do a foreclosure, you will get a 1099 tax form. With both scenarios you will obtain this form. However, you might not have to pay that tax. There is something called the Mortgage Debt Relief Forgiveness Act of 2007. If your house is a primary residence and your debt forgiven is below two million dollars and the land is less than 2.5 acres you are not going to be liable for those taxes.

We are not tax experts and we don’t claim to be. Go search out that expert opinion from your tax advisor. It is not as scary as it appears. There is no benefit for foreclosure over short sale. As a matter of fact, foreclosure is the worst case situation. Short sale would save you additional funds.

We would love to speak to you more concerning your choices. Please fill out a form on our website regarding your Arizona short sale. We look forward to speaking with you.

Short sale FAQs and more.

Get more information on selling your home from Kevin and Fred at My First Short Sale by the Short Sale Specialists of Arizona

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