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Short Sale of Your Home: Is It Right for You? | Nolo.com
You May Owe Taxes on the Deficiency . Under the federal Mortgage Forgiveness Debt Relief Act of 2007, you may be able to exclude from your income all or a portion of the amount of forgiven debt in a short sale, but only if all of the . Some states -- including California, Michigan, New York, and Illinois -- have statutes .
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What are the Debt Forgiveness Acts? | Talk to CJ
Federal and CA rules regarding short sales, deeds-in-lieu,foreclosures when . If the forgiven debt is excluded from income, do I have to report it on my tax return? . (a) the federal government, or a state or local government or subdivision; .
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The Coming Tax Nightmare Over Forgiven Mortgage Debt in California
Feb 24, 2010 . The portion that is treated as cancellation of debt income is taxed as . the debts, they will issue 1099s, and then the State of California will look .
Mortgage Relief Act and definition of 'Principle' Residence ...
Mortgage Forgiveness Debt Relief Act. Read the bill here: http://www.govtrack.us. . The effect of this provision is to defer the income until the home is sold, and to . (iii) The address listed on the taxpayer's federal and state tax returns, . are considered non-recourse by CA civil code, and are determined at .
Common Reasons for a Second california forgiven debt state income tax:
- Home Improvement Financing
- Tuition Fees
- Debt Consolidation
The Tax Consequences of a Short Sale in California | Home Guides ...
Generally, California tax law requires homeowners to report debt forgiven during a short sale. . The law applies to state income tax for 2009 through 2012.
Types of Second california forgiven debt state income taxs:
- Traditional california forgiven debt state income tax
- Home Equity Loan
- Home Equity Line of Credit