Congress Passes Tax Break Extension for Short Sellers in Lakewood Ranch & Nationwide

Written by Posted On Wednesday, 25 February 2015 07:07
Kelly Taylor, http;//, 941-706-5813, Keller Williams
Lakewood Ranch-
The US Senate has recently passed an extension to the Mortgage Debt Forgiveness Act by a 76 to 16 vote bringing homeowners who underwent short sales in 2014 a lot closer to real tax relief on money they received as a result of the sale of their distressed property. The extension will apply to any short sale that was completed and closed in 2014.

The House of Representatives also passed the act two weeks ago in a 378 to 46 vote. Failure to extend the Mortgage Debt Forgiveness Act would have resulted in Lakewood Ranch homeowners who sold short having to pay Federal income tax on any amount under the balance of their mortgage.
 A recent estimate by RealtyTrac, a Real Estate information Company, states that the average consumer involved in a short sale gains an estimated $88,456 in mortgage forgiveness and there were more than 121,700 short sales nationwide through October 2014. The bill now heads to the White House where it is expected to be signed in to law by the President. The extension however only covers short sales completed in 2014, any further extension of the law will have to be voted on by the newly members of the 2015 Congress.

Kelly Taylor
Kelly Taylor,, 941-706-5813, http://www.kellytaylor1.yourkwagent.com8210 Lakewood Ranch Blvd
Lakewood Ranch, Fl. 34211
Rate this item
(0 votes)

Agent Resource

Limited time offer - 50% off - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.