Considering a RI Short Sale – Great News from Uncle Sam
This is good news for all short sale sellers in the midst of waiting for the short sale approval
Even Einstein would have made it right
from their lenders, thinking about a short sale and those that are closing on a short sale in 2013. The Congress in their infinite wisdom agreed (isn’t that unusual lately) to extend the Mortgage Debt Forgiveness Act through December 31st 2013. Yes, it is a New Year with good news! For all my RI real estate clients who have been thinking about a short sale in 2013, well they can breathe easier right now.
Realizing that without this forgiveness act extension the IRS would be coming after all that ‘forgiveness’ monies from short sale sellers who closed during 2013. This was not lost on Congress. Understand that the IRS considers this ‘forgiveness’ money as income to the seller. Really? Oh, yes so without this extension a form 1099-C would be arriving from your lender on any short sale and that income you would have been required to pay federal tax on. Now there are qualifiers on this forgiveness of tax liability – it is only for primary residences and limited to $2 million a year (couples filing jointly). So if you are short selling an investment property be prepared to pony up the dollars in taxes to Uncle Sam. As always discuss with a qualified accountant or CPA your particular circumstances for a short sale transaction.
So if you are considering a RI short sale and require a confidential discussion regarding your financial situation, please reach out to me at RiByTheBay@gmail.com or call me, Ginny Lacey Gorman, at 401.529.7849. I have a strong legal team and full time negotiator that works hard with me on achieving successful short sales for all clients. If you have a hardship or can no longer pay your mortgage, call me today…don’t wait. Considering a RI Short Sale – Great News from Uncle Sam.
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Ginny Lacey Gorman is your go to waterfront Rhode Island agent for real estate in RI and beyond…knowing the geographic area, schools, happenings and important tidbits of local information. Email her at RiByTheBay@gmail.com to make an appointment to find the home of your dreams too!
As a North Kingstown short sale agent, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.
Waterfront, oceanfront, luxury and coastal Rhode Island real estate are my specialty but all of RI is my backyard. When you are in need of a real estate professional and specialist for your buying, selling or relocating needs and an internet savvy marketer who sells RI houses in this real estate market call Ginny at 401.529.7849.
