You May Owe Federal Income Taxes in 2013 if you have a Short Sale or Foreclosure
Posted by Sara Leicht - SaraSellsSarasota.com on
The following article was published January 2012Â By Donna Gehrke-White, Sun Sentinel, Ft. Lauderdale, FL.
WASHINGTON – Jan. 9, 2012 – You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home?
Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences – as long as the lender officially releases the debt.
But on Jan. 1, 2013, the rules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes.
So if a house sold $50,000 short of what is owed on the mortgage, then the selling…
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Ashley Parkway has Homes for Sale in the neighborhood of Ashley. Ashley is a neighborhood of 50 large estate homes that is located just East of I-75 off of Proctor Road. If you are heading East on Proctor Road you cross over the I-75 bridge and the entrance to Ashley will be about ½ mile on your right hand side. The main road for Ashley is Ashley Parkway with Ashley Court coming off of Ashley Parkway.
Please find below the market report from the Sarasota Association of Realtors for the closed December 2011 Business. This is not only the numbers for December but they have also included the year end perspective.
Perhaps you have been asking yourself is this a good time to be Selling your home in Sarasota. Market conditions and activity has most certainly turned around in the Sarasota Market and a lot of interest has been generated about Sarasota and her Islands.