One of the protections that President Bush has put into place during this loan crisis is that from 2007-2010, 1099's will not be issued on debt forgiveness. In the past, if a seller sold a home through the short sale process and the lender took a loss, the lender reported the loss as income to the seller who then had to pay tax on it. So for now people are getting grace and not having to pay taxess on money they never had in the first place.
by Nedalee Thomas-Ruiz, REALTOR'Phone (877) LIST-TNT Toll free, that's (877) 547-8868 Fax (949) 600-7960
Serving South Orange County, Ca.
Ask me how you can buy real estate NOW at 50 -85 cents on the dollar
!http://www.dynamiteresults.com/ MailTo:Nedalee@kw.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment