Short Sale Tax Relief Extended Through 2013

Posted in Short Sales on Jan 4, 2013

The Mortgage Interest Deduction and the Mortgage Debt Forgiveness Act survived last minute budget cuts, and will extend through 2013. Both laws were considered by Congress and the President as they looked for ways to cut spending for 2013. Discontinuing the Mortgage Interest Deduction in particular would have been detrimental to the housing market, and would have cost new and existing homeowners hundreds of dollars per month.

The extensions mean that homeowners can continue to deduct mortgage interest and PMI on their primary  home (and one secondary home), and that mortgage debt forgiven by banks during short sales will not be taxed federally. This information is not tax advice, just a summary of legislation. If you are interested in learning more, please contact me.

Real Estate continues to thrive, and with historically low rates it is a great time to buy or invest!

Realtor Name, REALTOR

If you, or someone you know is interested in buying or selling property, please call right away!

Thuy Doan

Thuy Doan
Broker

Office
858-566-0907

Cell
858-245-8503

Fax
858-578-8414

Email

CA BRE 01410198

Jessica Quy

Jessica Quy
Realtor & Mortgage Loan Officer

Office
858-566-0907

Cell
760-532-5659

Fax
760-888-2088

Email

CA BRE 01892307

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