Mortgage Debt Relief Act Extended!! What does this mean for you?

We got some great news the other day as the government extended the Mortgage Debt Relief Act for 2016.  This also applies to sales in 2015.

What this means for you is if you is if this was your principle residence then you would not have to pay taxes on the sale.  Typically the amount you are upside down is reported as income and you would have to pay taxes. 

This is very great news for those still under water.  A lot of our clients are taking advantage of this right now and saving thousands of dollars.

If this home was not your principle residence then there are ways to not pay taxes.  Contact me for more information on this and to talk about your short sale options.