Great news for California homeowners who are looking at a short sale as an alternative to Foreclosure! In an announcement from the California Association of Realtors we have been informed that the Franchise Tax Board and the IRS have clarified that an obligation involved in a sale pursuant to CCP Section 508e would be treated as a nonrecourse obligation for federal income tax purposes. In other words, underwater home sellers are assured that they are not subject to state income tax liability. Distressed home sellers are not liable for federal or state income tax for debt written off by lenders in a short sale.
If you are considering a short sale or are facing foreclosure we can help you make an informed decision that is best for you and your family. Give us a call today at (909) 590-8288 to speak with a qualified short sale specialist or visit our short sale website at www.IEShortSale.com. It’s time to get the facts and learn about the options available to you. A short sale can save your credit, but if you wait too long and end up in foreclosure your credit will suffer. Make the call today!
Brought To You By: Randy Charlton of Keller Williams Realty