Short Sale Law Extended through 2013

The tax law that was signed at the beginning of the year extends (through 2013) the exclusion for cancellation of debt income on the sale of your personal residence.  The law excludes cancellation of debt relating to the original purchase of the residence, so as long as you did not take additional funds out on the refinance to use for personal items, you can exclude the amount you will be “short” on the sale.

This is great news for borrowers currently in a short sale process or on the fence about moving forward due to tax implications.   Feel free to contact me for more information if you reside in the Inland Empire and are considering a short sale.

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