Are you considering a short sale in Chandler but concerned about the potential tax consequences that go along with it? Thanks to the Mortgage Debt Forgiveness Relief Act homeowners who decide to short sale in Chandler may be able to avoid any tax fall out from the sale of their distressed propety. Contact Group 4610 today to learn about whether you qualify and the details of this great program.
This Act of Congress was passed during the last Bush Presidency and has already helped thousands of homeowners avoid the tax burden of a short sale in Chandler. When a homeowner completes a short sale in Chandler the difference between the selling price of the home and the mortgage balance is forgiven. Since this money was at one time loaned out it has to be considered income and therefore will result in a 1099 from the IRS. If you are like many homeowners in the this area who bought your home at the top of the market this amount could be substantial. Homeowners that purchased their home in the last five to ten years may have seen as much as a hundred thousand dollars in home value reduction which will be apparent when you complete a short sale. While the benefits of a short sale in Chandler are certainly much needed this potential for a big tax bill is enough to make a homeowner think twice. In fact, it may be in your best interest to contact a CPA with real estate experience before moving forward with your short sale in Chandler. Thankfully the team at Group 4610 provides access to a CPA for all of its clients during the short sale process. A short sale is not always the best solution for every homeowner and we want to educate them before a decision is ever made.
Call Group 4610 today or visit their website to learn about potential to avoid taxes after the completion of your short sale. While the short term incentives are huge it is important to consider the long term effects of a short sale in Chandler as well.