St. Cloud, MN - Real Estate Blog: Short Sales Forgiven? H.R. 3648 - No "Phantom Income"

This Blog is for real estate and real estate related issues in St. Cloud, Minnesota, Central Minnesota, and nationwide. Please post your real estate related questions, comments or concerns here for answers and review. Jason Tangen - GRI, e-Pro - Real Estate Broker Associate with Edina Realty St Cloud, MN. The information and opinions contained within this blog do not represent the opinions of Edina Realty, Berkshire Hathaway, Home Services of America or any of their collective affiliates.

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Short Sales Forgiven? H.R. 3648 - No "Phantom Income"

Another one of the great implications that Bush has signed into law involves short sales and how they will affect property owners come tax time. It looks like the amount of money lost in a short sale transaction will no longer be taxed as "phantom income" like before. This means that there are very few reasons not to attempt a short sale (if the bank will approve the sale). Before anyone goes through the foreclosure process, talk with a local real estate professional about how this new law can help.

Read more at : http://www.govtrack.us/congress/bill.xpd?bill=h110-3648&tab=summary

Jason Tangen, GRI - Real Estate Broker Associate with Edina Realty of St Cloud

www.StCloudEdina.com - Get a Free List of Foreclosed Properties on the St Cloud MLS

Posted by Jason Tangen on January 4, 2008 04:44 PM | Permalink

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