What are you telling short sale sellers when it is not likely they will close before the tax waiver ends this year?
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What are you telling short sale sellers when it is not likely they will close before the tax waiver ends this year?
You need to be a member of Short Sale Superstars to add comments!
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Telling them not worry... most of the folks we're dealing with are financially insolvent. They should consult with a tax advisory or tax attorney.
Not to worry about it. If it's their primary residence then they still have the $250,000/500,000 exemption from capital gains. If it's an investment or 2nd home they may still utilize the insolvency exemption if qualified.
Have them speak to their tax professional. Chances of most short sellers owing tax after a short sale is slim to none.