"You wouldn't get commission and if you're listing the property there's a good chance you'd be black listed as the buyer. I would never structure a short sale this way.
"Les - you may want to confirm the type of loan(s) your seller has. Some short sale programs such as HAFA prohibit sellers who are licensed Realtors from listing with the same broker that they are licensed with. I believe this may be the same policy…"
"Les. In California, he will be 1099'd, so refer him to his CPA (or her?). No extension yet, but would be dumb not to..and who's to say that has anything to do with it, right??? Hoping as I too am in California.."
"It is possible that he could have losses on the sale of home #1, perhaps even greater then 1099 gain if he never did cash out refi. I have seen some very large tax windfalls resulting from short sales on investment properties, even with the…"
"Les - He may not owe taxes if he is insolvent per IRS. If he is concerned, have him talk to his accountant before going forward. As for Mortgage Relief Act, if it is not extended, the above still could apply."
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