Chad Stewart is a Real Estate Pro with Rockford Realty Group. I personally update andmaintain my website and this blog. North Florida is a great place to live and work. I work with buyers and sellers for real estate in Lake City, FL, Columbia County, Florida & the surrounding areas. Check back frequently to this blog for Florida real estate news, Market info, technology updates more Lake City FL Real Estate info. Rockford Realty Group
Monday, January 09, 2012
Now is the time to Short Sale. Tax Advantages Could End Soon.
You may owe federal income taxes in 2013 if you have a short sale, foreclosure
WASHINGTON – Jan. 9, 2012 – You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home?
Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences – as long as the lender officially releases the debt.
But on Jan. 1, 2013, the rules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes.