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Short Sale Tax Relief Extended For One Year!

Great News For Homeowners in Scripps Ranch, Stonebridge and San Diego County!  When Congress approved "The Fiscal Cliff" tax deal,  a number of tax provisions that benefit current homeowners were continued.

The Mortgage Debt Forgiveness Act of 2007 has been extended for one more year. According to the National Association of Realtors, "the bill would extend mortgage cancellation relief for home owners or sellers who have a portion of their mortgage debt forgiven by their lender, typically in a short sale or foreclosure sale for sellers and in a modification for owners. Without the extension, any debt forgiven would be taxable, which, for underwater households, represents a financial burden."

The National Association of Realtors also stated "The exclusion from taxes for gains on the sale of a principal residence of up to $500,000 ($250,000 for individuals) remains in effect. Only home sellers whose income is $450,000 or above and the gain on the sale of their house is above $500,000 would pay taxes on the excess capital gains at the higher rate (with corresponding numbers for individual filers). For the vast majority of home sellers, there is no change."

The  extension of The Mortgage Debt forgiveness Act of 2007 is seen as vital to the recovering housing market in San Diego and nationwide.  Short Sales in San Diego County ,Scripps Ranch, and Stonebridge Estates had been surging in anticipation of the end of the mortgage cancellation relief on December 31, 2012. The Mortgage Debt Forgiveness Act will now expire on December 31, 2013.

For more information about how Claude Braunstein & Associates can help you with a short sale, sell your home for the highest possible price, or to search for your new home anywhere in San Diego, Scripps Ranch or Stonebridge Estates contact Claude Braunstein or phone our team at 858 271-7770. A Coldwell Banker affiliate with over 30 years of experience, Claude and his experienced team can assist with regular sales, short sales or relocations. We can also help you find the right home at the right price. Additional information is available on our website , where you can also search the MLS for a suitable home
Posted on January 04, 2013 21:01:48 by Claude Braunstein & Associates

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