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Taxes With Forgiven Debt In A Short Sale

Published April 15, 2011 in Bank America Short Sales - 0 Comments

Orlando Short Sale Expert

Hello and Welcome to the Orlando Short Sale Expert show. We are Central Florida’s short sale experts. Today we are going to chat concerning something that is incredibly significant, taxes.

If you are considering a Orlando short sale, you should be aware of the tax ramifications. When you go through a short sale, their is a fraction of debt that is forgiven. And according to the IRS, forgiven debit is taxable debit. So, if you bought a house for $200,000 and today it is worth $100,000, the IRS sees that $100,000 difference as taxable. However, do not fear. The government has given us two options to avoid paying those taxes. Initially, you may qualify for the Mortgage Debt Relief Act of 2007. The majority of Orlando potential short sale clients meet the requirements. If you do not meet the requirements for that you can file for insolvency. In order to file for insolvency, fill out IRS form 982. That can lighten you of any tax liablity.

Between those 2 alternatives most people would not have to pay any taxes on the forgiven debt from your Orlando short sale. Remember that we are not CPA’s or licensed to give tax advice. Please be sure to talk with your tax advisor about this procedure.

Do you need to sell your home or are you underwater and can’t make your mortgage payments? Are you facing located in facing foreclosure in Florida? Are you looking for more information on short sales, loan mods, and avoiding foreclosure? Mark Alan Adams is Central Florida and the Orlando Area’s leading short sale expert. He can answer your short sale questions. Contact the Mark Alan Adams Team. We are Florida’s Short Sale Specialists.

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