Tax on Short Sale, Loan Modification and Foreclosure – 1099c Cancellation of Debt Income

realestatemarketingthisweek.com – If facing financial issues make sure you hire qualified help, mortgage broker, financial planner, CPA and attorney – http Part 8 – So with the real estate market, we know here in Arizona, there are literally hundreds of thousands, maybe millions of people that are confronted with a very difficult decision, declining home values, upside down in the home, the home value is worth much less than they actually owe, we need to give them options. If the option is foreclosure, short sale or loan modification, I would take the modification approach, most likely we would have to look at a person’s situation a little bit closely, but as I am going down some of the things that we have prepared for the show today, it looks like there are four main issues that people should know they need to consider, the cancellation of debt income, capital gains tax issue, the deficiency judgments side, and the credit report side and Mike, I know you can talk to some of these things. But we brought up in the first segment what I think this might represent and then I think we started to talk about how Mike can help people minimize the impact of what that would look like on the tax return or eliminate based on the situation, so let’s make sure that the people know these four concerns are something they should consider as they seek advice. Absolutely, and it’s really important that you talk to each arm of the team. You’re not going to be able to make all of these …

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