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 ‘Short sales’ home sellers face huge tax bills if breaks aren’t reinstated

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RR Phantom

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‘Short sales’ home sellers face huge tax bills if breaks aren’t reinstated Vide
PostSubject: ‘Short sales’ home sellers face huge tax bills if breaks aren’t reinstated   ‘Short sales’ home sellers face huge tax bills if breaks aren’t reinstated Icon_minitimeTue Dec 02, 2014 7:16 pm
The wrangling in Congress that has prevented a package of expired tax breaks from being reinstated threatens to slap massive tax bills on thousands of Americans who have given up their homes in “short sales,” a common practice after the 2008 real estate crash in which banks allow homes to be sold at lower prices than the amounts owed on the mortgages.

Without a renewed exemption, families would have to pay taxes on the forgiven mortgage debt as if it were income, although they merely avoided foreclosure and walked away from their homes without earning anything from the sales.

Supporters of the exemption say taxing the phantom income would only hurt Americans who suffered most from the Great Recession, people who resorted to short sales because they didn’t have enough money to make mortgage payments and simultaneously faced the plummeting values of their homes.

http://www.washingtontimes.com/news/2014/nov/30/short-sales-home-sellers-face-huge-tax-bills-if-br/?page=all#pagebreak
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‘Short sales’ home sellers face huge tax bills if breaks aren’t reinstated PgkowJT
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