Tax implications for the borrower was very significant that a short sale would not be in the borrower’s best interest. Before a short sale was contemplated in 2007, I strongly recommended that the borrower seek the advice of a professional tax advisor.
Generally speaking, any relief of indebtedness was supposed to be included in the sellers gross income for the tax year.
The great news is that as of January 4th, 2008 Congress and the President pass into law that a short sale will not be liability for the seller period. Read It Here
There are some exceptions to this rule , please contact me if you have any questions.
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