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The Mortgage Forgiveness Debt Relief Act
To Every one that was waiting for to see if it was going to get extended it finally happened!
The Mortgage Forgiveness Debt Relief Act HAPPENED IT! it was extended for 1 year!!!
CAR.org reported this morning that congress approved an extension for 1 more year.
So if you were contemplating to Short Sale today but was waiting to see if this happened or not today is the Time !!!!
This info came directly form our CAR president:
Late last night, Congress reached a settlement in the “fiscal cliff” negotiations. As a result, the Mortgage Forgiveness Debt Relief Act has been extended for another year. The measure will continue to exempt from taxation mortgage debt that is forgiven when homeowners and their mortgage lenders negotiate a short sale, loan modification (including any principal reduction) or foreclosure. REALTORS® should tell their clients to keep their short sales on the market and encourage them to consult with their own tax advisers about their tax situation.
I want to thank the 26,296 California REALTORS® who sent messages to their members of Congress and made 1,862 calls in response to our Call-for-Action.
The settlement also will allow capital gains rates to rise from 15 percent to 20 percent for high-income earners. However, capital gains rates on the sale of principal residences will remain unchanged and continues to exclude the first $250,000 for single taxpayers and $500,000 for married couples.
I will continue to keep you updated with more detailed analysis as it becomes available.
Happy New Year to you all!
Sincerely,
Don Faught
President
CALIFORNIA ASSOCIATION OF REALTORS® President
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