This is great news for all the home owners who have done a short sale in 2014. The Mortgage Debt Forgiveness Act expired f last year. But the U.S. House of Reps just passed a bill the will extend it through 2014. Check out the full story below.
Short-Sale Tax Break Passes House, On To Senate
“A bill that would extend a key tax break to tens of thousands of financially distressed homeowners who sold their homes this year for less than they owed passed the U.S. House on Wednesday and is headed to the Senate for consideration.
A one-year extension of the Mortgage Debt Forgiveness Act, which expired Dec. 31, 2013, was included in the Tax Increase Prevention Act of 2014 and passed the House on Wednesday on a 378-46 vote. Dozens of other temporary tax breaks that expired but would get a reprieve until the end of this year under the measure include those for home energy improvements and mortgage insurance premiums.
But for homeowners who gambled this year and sold their home through a short sale, unsure about the tax ramifications, this is the one foremost in their minds, as it is for the housing market in general.”
If you have any question on selling your home through a short sale please give me a call. I have been doing short sales since 1999 and have worked with hundreds of people helping them.
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