California residents who sell their homes in short sales would avoid a tax bite IF Governor Arnold Schwarzenegger signs the bill.
California legislators last week passed a bill that would fix the situation. It mirrors a federal law that excludes "forgiven debt" on a principal residence from being considered taxable income. It covers short sales, foreclosures, deeds in lieu of foreclosure and loan modifications that reduce the principal due.
Read SF Chronicle full story here..
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.