AMERICAN TAX PAY RELIEF ACT SAVES SHORT SALE SELLERS FROM TAX REPRECUSSIONS IN 2013

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Last night, the house passed the 2013 American Tax Payer Relief Act. In Section 202, the bill calls for the Mortgage Debt Relief Act from the Bush era be extended until 1/1/2014.

Thank goodness for any home owner who is underwater and needs to sell their home. There should be NO tax implication of a cancelled debt on primary residences.

Home owners facing difficult situations are forced to either walk away from their “promise” or foreclose on the property or to work out a short sale. The Mortgage Debt Forgiveness Act offers homeowners the dignified solution out of their home. In a short sale, they are able to negotiate terms for a “short” payoff. We know have, with the extension, an additional tax relief as the deficiency cannot be held against them as taxable.

MacIntyre & Cowen has done hundreds of short sales since 2006 and is very well versed in the process. You can call on us with questions as your area Short Sale specialist. We have attorneys and tax professionals at your disposable, available to speak to you as well.

Peter MacIntyre with RE/MAX Grand River is one of the top real estate agents in the Midwest, a consistent Top Producer, always within the top 5 at RE/MAX of Michigan. Peter and the Peter MacIntyre Home Selling Team sold 290 homes in 2012.