Mr. Schwarzenegger Has signed California SB 401 providing Californians a mirrored tax break (IRS Mortgage Forgiveness Debt Relief Act of 2007) that saves residents who short sold their primary residence in 2009 or are planning to through 2012.
This much needed tax break falls lock step in with the IRS planned relief that was approved by President Bush in 2007.
What does it do?
- Gives relief to the 1099c that you may have received or may receive if you short sell your home.
- Fore gives tax debts that would have resulted…up to $500,000 per primary residence.
- The debt is aligned with monies that were either used to purchase the primary residence or substantially improving the residence.
- Not for the folks who cahsed out the equity and bought a Lambo or new Suburban…or traveled the Middle East to see family members…you got it.
- Not for “Investors” or 2nd homes, rental properties, etc…
Take advantage of a good thing and uload that burdensome debt today.
Call us…we can help!
Kris & Kim