Relevant:
- Is The IRS Driving A Stake Into The Heart Of Homeowners?
- Begging The Bank To Forgive Some Of The Mortgage On Your Primary Residence? Better Act Fast
- The "No Loss Sale" Rule
- Home sales inch up in California as prices fall
- Obama health care reform imposes 3.8% tax on all income from home sales and home rental income
2013-11-19 — forbes.com
``The effect of that section is to make just about all California home mortgages non-recourse. Hence there will never be debt discharge income generated by them. Probably under the most common scenarios this rule will work out to be taxpayer friendly. If your home is being foreclosed because the value plummeted after you bought it you probably have a loss -- a non-deductible loss. Even if you have a gain, for whatever odd reason, you will likely qualify for exclusion up to $250,000 or $500,000 if you are married.''
source article |
permalink |
discuss |
subscribe by:
|
RSS |
email 
Comments: Be the first to add a comment
add a comment | go to forum thread
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.