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San Diego's Finest Real Estate
Buy Sell Refinance Invest Check-ups & Planning
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| National Real Estate News! |
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H.R. 3648: Mortgage Forgiveness Debt Relief Act of 2007
On December 20, 2007, President Bush signed into law H.R. 3648. In short, this means that a homeowner
who does a short sale on their home is not taxed for the amount they are short on the mortgage. If used to
be that when the proceeds of a home sale were $30,000 less than what was owed on the mortgage, the IRS would
tax that $30,000 as debt forgiveness (aka income), which could easily mean another $10,000 owed to the IRS.
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Contact us at San Diego's Finest Real Estate
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San Diego's Finest Real Estate
aboyer@SDFRealEstate.com
3936 Lago di Grata Circle •
San Diego, CA 92130
Telephone: (858) 755-2111 • Fax: (858) 630-2120
© America's Finest Real Estate, Inc. All Rights Reserved.
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