As Spring Market heats up, there's something you should know about the changes in Short Sale properties. Before you list in a possible short sale position KNOW YOUR implications. The Mortgage Forgiveness Debt Relief Act DID expire in 2014. As of Jan 2015, any short sale this year is subject to ordinary income. Which means you will pay taxes on your relief amount.
The Mortgage Forgiveness Debt Relief Act and Debt Cancellation
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