IMPORTANT NEWS to watch for regarding recourse in nonrecourse loans and how your taxes may be affected by a short sale in 2013.
As a BUYER you need to be aware of this when looking to buy a short sale this year and if any short sales transactions that you are trying to purchase trail into 2013, as this will affect the seller greatly and the time you spent waiting on that home.
As a SELLER you need to be a where of tax implications that may affect you in the coming year as certain laws involving short sale taxes are changing in some areas. For 2013 “recourse loans” meaning loans that have money pulled out of the loan itself. If a short sale is done on any recourse loan the tax Board views this as taxable income if a short sale is performed on that loan.
Please watch this video for further detail and do not hesitate to contact us with any questions regarding whether or not you have a recourse loan and if you need to further speak look into your tax implications in doing a Short Sale. We have been doing this for many years for many happy clients. Please let us know how we can help, and thanks for watching from the Taylors.
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