(From the desk of Terry Hastings of Total Mortgage)
Short Sale Forgiveness Extended Through 2016!
The Mortgage Forgiveness Debt Relief Act expired at the end of 2014. It meant that any short sale after December 31, 2014 would be taxed as ordinary income - a devastating blow to any short sale. In a surprise move, a new extension has been signed for short sales through 2016. How?
This extension was tossed into the Consolidated Appropriations Act (H.R. 2029) as part of a 887- page bill covering everything from stopping any improvements to facilities at Guantanamo Bay, restrictions on the number of copies allowed by Congressman ..oh, and mortgage forgiveness.
Sometimes Democrats and Republicans negotiate larger bills by tossing in others ...this extension is found on page 882 in Section 151. It's so recent that the IRS has not updated this information on their website.
It's great news to sellers and Realtors involved with short sales.
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