1 Articles match "Example","IRS","Tampa"

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New Tax Law Spurs More Short Sales, Expert Says
short sale is a pre-foreclosure sale in which the mortgage lender agrees to accept less than what they are owed on the property. “It’s going to change everything,” said Lucier, a Tampa, Fla., If a person, for example, owes $200,000 on a mortgage, and the borrower and the bank agree to sell the house for $150,000, the $50,000 debt forgiven by the lender will not be taxed. For the next For real estate investors looking for pre-foreclosure bargains, a new federal law could unleash a torrent of short sales as struggling borrowers facing foreclosure unload their over-mortgaged homes to avoid huge tax bills on capital gains. HR 3648 , or the Mortgage Forgiveness Debt Relief Act, signed by President George W.
www.foreclosurepulse.com - Tuesday, December 16, 2008
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  • The Best from RealtyTrac MORE
  • New Tax Law Spurs More Short Sales, Expert Says
    short sale is a pre-foreclosure sale in which the mortgage lender agrees to accept less than what they are owed on the property. “It’s going to change everything,” said Lucier, a Tampa, Fla., If a person, for example, owes $200,000 on a mortgage, and the borrower and the bank agree to sell the house for $150,000, the $50,000 debt forgiven by the lender will not be taxed. For the next For real estate investors looking for pre-foreclosure bargains, a new federal law could unleash a torrent of short sales as struggling borrowers facing foreclosure unload their over-mortgaged homes to avoid huge tax bills on capital gains. HR 3648 , or the Mortgage Forgiveness Debt Relief Act, signed by President George W.
    www.foreclosurepulse.com - Tuesday, December 16, 2008
    READ MORE