Tax Relief About to Expire January 1, 2013. Don’t Wait to Look Into Your Options.
On April 12, 2010, the Governor signed SB 401, the Conformity Act of 2010, which allows taxpayers who had all or part of the loan balance on their principal residence forgiven by their lender to exclude the forgiven debt from gross income.
The new law applies to homeowners whose debt was forgiven on or after January 1, 2009, and before January 1, 2013.
So, as you can see there are only a few months left to take advantage of this tax relief.
If you are in a position where you can no longer afford to stay in your home and you want to avoid the foreclosure process, then contact us TODAY and let us help you understand your options!
Our team is experienced in helping homeowners understand their selling options when they are behind on their mortgage and we have received the Short Sale Foreclosure Resource designation through the National Association of
Realtors, which means we have received the required education to support our experience.
DON’T WAIT ANY LONGER. TIME IS RUNNING OUT!
The above information is deemed to be reliable, but not guaranteed and the source is Califorina Association of Realtors (C.A.R), California Real Estate magazine, May 2012.
JWP realty is an independent real estate office and its Broker and agents are not licensed attorneys or tax specialists. We recommend that you consult with an attorney or tax specialist regarding your tax liabilities when selling your home.
