Portola Hills Residents Considering a Short Sale - Make sure to understand the Taxes.

This makes me mad. When speaking to clients regarding Short Sales the majority do not understand the tax consequences of a Short Sale. Alot of that confusion comes from the fact that the Federal Gov't is not currently requiring a tax, but depending on the state you live in the homeowner may still be liable for the loss as is the current rule for California homes.

Below is a great article that spells out the difference between the Federal and State requirement.

Lost Money On Your House, Short Salers Face Huge Tax Bill

Please ensure if you are considering a short sale the tax issues and I highly recommend you speak with a Tax Accountant regarding this liability.


Popular posts from this blog

Where are all the houses for Sale?

Is your Portola Hills home going to be your first Rental Property?

Portola Hills Annual Food Drive - Hosted by Realtor Kelly Turbeville