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With the recent pass of the Fiscal Cliff deal struggling homeowners in Las Vegas and throughout the country will continue to avoid paying taxes on forgiven mortgage debt from short sales or loan modifications. The tax break was due to expire at the end of 2012 but will now go through the end of 2013.
So what does this mean to struggling homeowners here in Las Vegas? Without the Debt Relief Act, forgiven debt resulting from a short sale or loan modification would be treated as taxable income. This could be a potentially ugly situation for a homeowner who is already having a tough time paying the bills. Take for example a homeowner in the 25% tax bracket short sales their home for $100,000 that they owed $200,000. They could potentially owe the IRS $25,000!
If you are a struggling Las Vegas homeowner or your home is significantly upside down this is an excellent opportunity for you. Many banks are now offering cash incentives to homeowners to short sale. Imagine selling your upside down home, receiving $2500 to $30,000, not paying taxes, and getting a fresh start. This is reality. Many homeowners that have been previously denied a loan modification are now getting the help they need to stay in their home too.
What you need to do is act fast. Get help now. Unfortunately many homeowners wait till it’s too late. All you need is the right real estate professional, who is experienced in short sales and can show you proof. Be leery of companies who outsource their short sales to third party companies to negotiate and never pay for help. For a confidential consultation to discuss your options The Chupa Team is always available to help. Call today (702)348-6135.