Short Sale Now Ahead of Tax Hike?
(Sharewell Newswire.com) December 14, 2012 – The number of short sales is on the rise according to reports from CNNMoney and RealtyTrac. From July thru September of 2012, short sales in which homeowners had fallen behind on mortgage payments rose 22% over last year. In comparison, short sales by people current on their payments went up by 17%.
In a short sale, homeowners sell at a price that is less than what they owe the bank, and the bank agrees to absorb the loss. The banks are finding this a good option because they must bear the costs of maintaining homes they repossess as well as getting stuck with legal costs and taxes. This benefits both the bank and the homeowner because the bank unloads the house and the homeowner gets out of a mortgage he can’t afford.
Currently, homeowners do not have to pay federal tax on the unpaid mortgage debt because of a bailout-era law known as the federal Mortgage Debt Forgiveness Act. However, this act expires on Dec. 31. In January the IRS will start treating unpaid mortgage debt as taxable income for many borrowers unless it is extended. The average amount of forgiven debt in a short sale is about $95,000, according to RealtyTrac. The tax on that could go as high as $33,250, even more if the Bush tax cuts expire.
As a result, real estate agents are pushing to get short sales done by the end of the year. Otherwise, if that law expires, homeowners who agree to short sales could see their income tax rise significantly because the unpaid mortgage debt will be considered taxable income. With the year-end deadline approaching, short sales could spike even more in the current quarter.
2012-12-14 21:25:40
Source: https://www.sharewellnewswire.com/short-sale-now-ahead-of-tax-hike-3697.htm/
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