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What are the income tax ramifications?

Every short sale has income tax implications and because every short sale situation is unique and complicated, there is no single answer for an individual who wishes to short sale their home. We have an exceptional understanding of all current tax laws and will gladly answer any questions you have when you call us at 1-866-923-2568.

One important factor in the tax implications of a short sale is the Mortgage Forgiveness Debt Relief Act of 2007. The act generally allows the homeowner to not have to pay federal income tax on debt forgiven through a short sale.

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Important Notice

The Mortgage Forgiveness Debt Relief Act expires at the end of this year. Don’t get caught paying tax penalties by waiting to short sell. Click here to learn more.

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