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Good afternoon. Thank you for stopping to view our video. I am Mark Alan Adams, founder of the Mark Alan Adams group. We are Orlando’s leading short sale group. Today we wanted to present you some data about taxes and short sales. Before we go to far, let me tell you that we aren’t CPA’s or licensed to give tax information in any way. Therefore, please remember that as we chat with you today.
One of the main questions we receive from Orlando homeowners is regarding tax responsibility with a Orlando short sale. Orlando vicinity homeowners want to know if they are going to get taxed on the difference between what the residence sells for and what they owe the bank. The simple answer is yes. You will get a 1099 tax form from your bank. Many homeowners think that they ought to merely let the property go to foreclosure so that they don’t get taxed for it. This is inaccurate information. You will be given a 1099 either way. There are two different types of 1099 forms.
There is a 1099a, which is used for abandonment and a 1099c which is for cancellation of debit. Either way you will be given a 1099. When you obtain a 1099, the first thing you have to do is take it to your accountant or tax expert. They will be familiar with what to do with it.
As far as paying the taxes, there are two options to evade tax liability. The first means is with the Debt Relief Forgiveness Act of 2007. This action relieves the bulk of homeowners from any tax liability. Remember that you do have to meet the requirements for it. The second way is through insolvency. You can meet the requirements for insolvency by going to the IRS website search for form 982. Download that form and fill it out. If you meet the requirements you will be relieved of any tax liability.
If you are presently viewing this video on our blog, orlandoshortsaleexpert.info, you can download our complimentary short sale package. Even if you decide not to hire us to aid with your Orlando short sale it has lots of great details regarding short sales and it’s free! Hopefully, we will be in touch shortly.
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