SHORT SALE TAX BENEFITS TO EXPIRE

The IRS tax benefit for selling a home by way of short sale are due to expire on Dec. 31, 2012. The impact of selling your home after the expiration could be catastrophic. I will pose two scenarios to further explain the impact.

$250,000 loan
$150,000 short sale in 2012
$100,000 IRS will forgive if closed prior to Dec. 31, 2012



$250,000 loan
$150,000 short sale in 2013
$100,000 IRS will not forgive to Dec. 31, 2012

If you are thinking about selling your home which has a loan value that is higher than the current market value of that home please contact a tax professional for further advise. Once you receive tax advise from a professional please feel free to contact me, so I can advise you with options.

Scott Hopper - Realtor 530.477.2277