Hello everybody my name is Fred Weaver and I am the co-founder of the nations leading short sale crew, Group 4610. My business partner Kevin Kaufmann and I are devoted to helping Arizona householders avoid foreclosures and I use my weblog to supply valuable content material to homeowners on all of their real estate options. If you’re behind on your mortgage, or is a short sale just makes business sense, take a minute to browse my web site or contact me directly to discuss getting out from underneath your distressed property.
For my weblog right this moment I wanted to discuss the possible tax implications of a short sale and dealing with the IRS on your Arizona real estate transaction. Lots of householders I converse with mention this as one in all their greatest considerations in doing a short sale and it’s definitely with good reason. When you complete a short sale any debt that is forgiven on your mortgage is considered income and will produce a 1099 so that you can file. Fortunately if this is your primary residence you stand a good likelihood of qualifying for the Mortgage Debt Relief Forgiveness Act which can protect you from any further taxes. Sadly, this Act of Congress does expire at the end of 2012 so time is running out on this great tax relief. If the property you want to short sale will not be your primary residence there are still options so that you can avoid any extra taxes when selling your home.
At Group 4610 we have access to some great CPA’s and tax legal professional’s who will help clear up any tax questions associated to the short sale process. So in case you are contemplating a short sale but nervous about a call from the IRS call us first to find out your entire real estate options. Thanks for your time at this time and I hope to hear from you soon at Arizona’s leading short sale team, Group 4610.