Proverbial Falling off Fiscal Cliff 2013

Proverbial Falling off Fiscal Cliff 2013

My original post on this matter is here: Income Taxes & Foreclosures/Shortsales

As you know the tax code had an “Exclusion from gross income of discharge of qualified principal residence indebtedness (Sec. 108)”

…in other words many home owners were not taxed for 1099C income received as a result of foreclosure/short sale.  This exclusion expired 12.31.2102, it been reinstated and extended to 12.31.2013. Good news for the short sale market.

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