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What will the tax issues be on my home that I owe 475,000.00 and the short sale is for 325,000.00? Will the same tax issue also apply if it went to foreclosure instead? The amount I owe is from "purchase money" loans. I have a 1st for 400.00 and a 2nd for 75k. My agent said the 2nd is going to accept 3 or 4k from the 1st to call it even? Does Bush's HR 3648 (Debt forgivness) apply to me? I've been out of work for 8 months and have not been able to make the payments. I also went through a divorce at the same time. I also have c/c debt, but am making the payments on all but 1 of the c/c's. I only have about 6K in the bank and only a old car and motorcycle (paid) as assests. I thank you in advance for your help. I know there are several questions to answer. Thanks.
The federal act will help you out but won't take you completely off the hook. The state of Fuquay-Varina is going to clobber you for full income taxes on the 150k that is forgiven. Fuquay-Varina has an income graded tax rate schedule that doesn't look good for you. Income up to $40,345 is taxed at rates between 1-8%. Anything over $40,345 is taxed at 9.3%!! This means you are looking at a potential tax bill of ~$12,000 from the state of California. Even a short sale is going to mess you up for a long, long time, but it would still be better than a foreclosure. good luck!
Go for Short sale when you face an inevitable foreclosure situation. This article explains why.... Imp points 1) Short sale brings down your credit score by 200 points. But if you make your payments regularly you should be able to catch up quickly 2) Foreclosure stays in your credit report for years.... 3) Earlier when the lender accepts an amount less than your debt, the difference is taxable. However, After the Mortgage Forgiveness Debt Relief Act 0f 2007 this is completed waived off. Hope this helps!
I found an informative Q & A on the Mortgage Forgiveness Debt Relief Act of 2007: Q. How does the new law change this? A. The DRA completely eliminates taxes on mortgage debt-cancellation for the majority of people who sold their home for less than its loan balance in 2007. The same rules will apply in 2008 and 2009. The change could literally save millions of people thousands in tax dollars each, considering that an estimated 9 million homeowners currently owe more than their property is worth. Q. How do I claim this tax break? A. You must fill out IRS Form 982, "Reduction of Tax Attributes Due to Discharge of Indebtedness," and include it as part of your upcoming return. Despite its formidable title, the form can actually be completed in just a few minutes. The document also must be accompanied by a 1099-C form, which the bank provides in order to verify the amount of debt that it forgave. Q. Are all types of debt-forgiveness covered by the Debt Relief Act? A. No. "Debt forgiven on second homes, rental property, business property, credit cards or car loans does not qualify for the new tax-relief provision," according to a statement issued by the IRS last month. But such borrowers may qualify for "other kinds of tax-relief," the statement adds, details of which can be found in Form 982. Q. Is there a limit on how much I can earn and still be eligible to avoid the tax on debt-forgiveness? A. There's no limitation on earnings, but there is a limit on the amount of the mortgage that is involved: The new breaks apply only to married joint tax-filers who get debt relief if the balance of their home loan was less than $2 million, or single tax-filers whose balance was less than $1 million. The limits shouldn't be a concern if you're a typical homeowner, but could be a problem if you have a supersize mortgage. Q. Where can I get more information about these tax changes? A. Start by getting your free copy of Form 982 and its instructions by calling the IRS at (800) 829-1040, or by downloading the information from www.irs.gov. After you have familiarized yourself with the rules, consult a tax expert to see how they apply to your personal financial situation.
You will owe state income tax on the 150k and federal on the amount you did not pay back on the second. The same with foreclosure.