All Discussions Tagged 'Tax' - Short Sale Superstars2024-03-29T09:47:46Zhttp://shortsalesuperstars.com/forum/topic/listForTag?tag=Tax&feed=yes&xn_auth=no1099 Investor HAFA short sale May 2013 with OCWEN - Please help.tag:shortsalesuperstars.com,2014-01-30:3468065:Topic:3432812014-01-30T21:19:03.912ZRuss Trinidadhttp://shortsalesuperstars.com/profile/RussTrinidad
<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3">I closed an Investor HAFA short sale May 2013 with OCWEN. It was approved HAFA because the seller is a retired Military Vet. The sellers just received a 1099 for $100k for the principal short amount. I thought 2013 had Tax relief for canceled mortgage debt? Please help.</font></p>
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<p style="margin: 0in 0in 0pt;"><font face="Calibri" size="3">I closed an Investor HAFA short sale May 2013 with OCWEN. It was approved HAFA because the seller is a retired Military Vet. The sellers just received a 1099 for $100k for the principal short amount. I thought 2013 had Tax relief for canceled mortgage debt? Please help.</font></p>
<p></p> IRS Tax Lien Waivertag:shortsalesuperstars.com,2012-11-13:3468065:Topic:2785402012-11-13T22:23:56.840ZJan Henryhttp://shortsalesuperstars.com/profile/JanHenry
<p>I just got this from the escrow agent about a closing that I am doing with Fannie Mae. Has anyone had any experience with this? "T<span>his file has an IRS Tax Lien right of redemption that does not expire until 01/20/2013, unless FNMA agrees to allow all parties agree to sign the Tax Lien Waiver we cannot proceed until then. Any help I would really appreciate it.</span></p>
<p>I just got this from the escrow agent about a closing that I am doing with Fannie Mae. Has anyone had any experience with this? "T<span>his file has an IRS Tax Lien right of redemption that does not expire until 01/20/2013, unless FNMA agrees to allow all parties agree to sign the Tax Lien Waiver we cannot proceed until then. Any help I would really appreciate it.</span></p> The Mortgage Forgiveness Debt Relief Act - Do You Think it will be extended?tag:shortsalesuperstars.com,2012-09-20:3468065:Topic:2671922012-09-20T19:14:21.305ZChad Stewarthttp://shortsalesuperstars.com/profile/ChadStewart
<h1><span class="font-size-3">The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.</span></h1>
<p><span class="font-size-3">Right now most borrowers and sellers seem to qualify for this relief, exempting the "income" they earn on the short sale debt forgiveness as taxable income. <br></br>This is currently set to expired at the end of this year, 2012.</span></p>
<ul>
<li><span class="font-size-3">Do you think this will be extended?</span></li>
<li><span class="font-size-3">What do you…</span></li>
</ul>
<h1><span class="font-size-3">The Mortgage Forgiveness Debt Relief Act and Debt Cancellation.</span></h1>
<p><span class="font-size-3">Right now most borrowers and sellers seem to qualify for this relief, exempting the "income" they earn on the short sale debt forgiveness as taxable income. <br/>This is currently set to expired at the end of this year, 2012.</span></p>
<ul>
<li><span class="font-size-3">Do you think this will be extended?</span></li>
<li><span class="font-size-3">What do you think will happen to the short sale business and industry if this is not extended? </span></li>
<li><span class="font-size-3">Would a lot of people rather face a foreclosure than a IRS after a short sale is completed?</span></li>
</ul>
<h1><span class="font-size-3">What are your thoughts?</span></h1>
<p><a href="http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-">http://www.irs.gov/Individuals/The-Mortgage-Forgiveness-Debt-Relief-Act-and-Debt-Cancellation-</a></p>
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<p></p> 2007 Tax Relief Act ends this December 2012tag:shortsalesuperstars.com,2012-05-27:3468065:Topic:2377802012-05-27T23:09:35.206ZBrenda Swigerthttp://shortsalesuperstars.com/profile/BrendaSwigert
Has anyone hehard if the tax relief act might be extended? Currently it is scheduled to end at the end of this year. Without this pur clients doing short sales will pay income tax on the amount that is dismissed. Any news from RPAC on this?<br />
Thank you,<br />
Brenda Swigert CDPE<br />
Realtor<br />
Coldwell Banker West Shell<br />
West Chester, OH
Has anyone hehard if the tax relief act might be extended? Currently it is scheduled to end at the end of this year. Without this pur clients doing short sales will pay income tax on the amount that is dismissed. Any news from RPAC on this?<br />
Thank you,<br />
Brenda Swigert CDPE<br />
Realtor<br />
Coldwell Banker West Shell<br />
West Chester, OH CA FTB Sales Tax Lienstag:shortsalesuperstars.com,2012-05-12:3468065:Topic:2342992012-05-12T17:15:26.740ZJoanne Hodgehttp://shortsalesuperstars.com/profile/JoanneHodge
<p>Hello,</p>
<p>My sellers forgot to tell me at listing there are 4 separate CA FTB liens against the house due to a business the husband had where apparently he didn't pay his sales tax to the state. </p>
<p>They owe about $300K to BofA, some small liens for unpaid property taxes, and about $125K to the State FTB.</p>
<p>Is there any hope of working out a short sale? I'm thinking they need to talk to a BK attorney first. To complicate matters, NOTS is 6/1//12.</p>
<p>Appreciate any…</p>
<p>Hello,</p>
<p>My sellers forgot to tell me at listing there are 4 separate CA FTB liens against the house due to a business the husband had where apparently he didn't pay his sales tax to the state. </p>
<p>They owe about $300K to BofA, some small liens for unpaid property taxes, and about $125K to the State FTB.</p>
<p>Is there any hope of working out a short sale? I'm thinking they need to talk to a BK attorney first. To complicate matters, NOTS is 6/1//12.</p>
<p>Appreciate any suggestions / experience you have on this. Thanks!</p> Federal Tax Lien??tag:shortsalesuperstars.com,2012-03-15:3468065:Topic:2193732012-03-15T05:58:53.922ZStephanie Granthamhttp://shortsalesuperstars.com/profile/StephanieGrantham
<p>Anyone with experience on getting a short sale approved with a federal tax lien??</p>
<p>Anyone with experience on getting a short sale approved with a federal tax lien??</p> 2008 $7500 Tax Credits for buyers that they had to pay back when they sell their home...NOW SHORT SELLING???tag:shortsalesuperstars.com,2011-09-21:3468065:Topic:1734292011-09-21T16:37:42.939ZJessica Eisenhauerhttp://shortsalesuperstars.com/profile/JessicaEisenhauer
So I have a seller who is short selling their home. They were part of that original group that got the $7500 tax credit for purchasing a home, the group that had to repay it (before the next group that got 8K and didn't have to repay)... remember that??? Well what happens now that they are short selling their home. Do they still have to pay that back when they "sell" the property??? I know if you are deemed insolvent you don't pay tax on the amount forgiven and the 2007 Debt Forgiveness…
So I have a seller who is short selling their home. They were part of that original group that got the $7500 tax credit for purchasing a home, the group that had to repay it (before the next group that got 8K and didn't have to repay)... remember that??? Well what happens now that they are short selling their home. Do they still have to pay that back when they "sell" the property??? I know if you are deemed insolvent you don't pay tax on the amount forgiven and the 2007 Debt Forgiveness Act.. But what about this particular senerio.??? Any info would be greatly appreciated!