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Mortgage Forgiveness Debt Relief Extended | California Franchise ...
Oct 3, 2008 . State of California Franchise Tax Board . principal residence forgiven by their lender to exclude the forgiven debt from California gross income.
http://www.ftb.ca.gov/aboutftb/newsroom/mortgage_debt_relief_law.shtml


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PSB 10-11: Mortgage Forgiveness Debt Relief Extended | California ...
Skip to Main Content. CA.gov. State of California Franchise Tax Board . that California partially conforms to the Federal Mortgage Forgiveness Debt Relief . cancellation of debt income exclusion is $500000 ($250000 for married/RDP filing .
http://www.ftb.ca.gov/aboutftb/public_service_bulletins/2010/bulletin_1012.shtml



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California Offers Taxpayers Relief on Home Mortgage Debt ...
Sep 16, 2011 . The state of California offers tax relief on debt forgiveness, in line with . who are limited to $250000) from their 2010 California taxable income.
http://turbotax.intuit.com/support/iq/California/California-Offers-Taxpayers-Relief-on-Home-Mortgage-Debt-Forgiveness/SLN12613.html



Deluge of Short Sales predicted in 2012 as Debt Forgiveness Act ...
Feb 7, 2012 . A similar bill, passed by the California legislature, mirrors the federal law . having to pay state income taxes on the debt forgiveness associated .
http://battiata.com/san-diego-real-estate-blog/deluge-of-short-sales-predicted-in-2012-as-debt-forgiveness-act-nears-end/

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Do I have to pay taxes on forgiven mortgage debt? - Apr. 8, 2010
Apr 8, 2010 . Did your lender forgive some of your mortgage debt because you . It is IRS policy to tax forgiven debt you are personally responsible for as if it is income. Say . Until last week, California still made you pay taxes on forgiven mortgage debt. The state, which has endured some of the worst price declines and .
http://money.cnn.com/2010/04/08/pf/taxes/taxes_mortgage_debt/



Common Fixed Rate california forgiven debt state income taxs Include:
  • 30-Year Fixed Rate california forgiven debt state income tax
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GarrigusRealEstate.com Blog
NO MORE STATE TAX ON FORGIVEN DEBT. Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, .
http://garrigusrealestate.com/No%20More%20State%20Tax%20on%20Forgiven%20Debt



Common Adjustable Rate california forgiven debt state income taxs include:Mortgage Quotes
  • Negatively Amortizing Loans
  • Option ARMs
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  • Fixed-Period ARMs
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  • Convertible ARMs
  • Graduated Payment california forgiven debt state income taxs (GPMs)
  • Buydown california forgiven debt state income tax
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Links to Real Estate Questions
Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification. Enacted into law .
http://www.kimzander.com/realestate-real-talk.asp

What is the law regarding paying income tax on forgiven debt from ...
Feb 28, 2011 . What is the law regarding paying income tax on forgiven debt from short-sales? Does it vary from state to state? Find answers to this and many .
http://www.trulia.com/voices/Agent2Agent/What_is_the_law_regarding_paying_income_tax_on_for-271255



Common Interest Only california forgiven debt state income tax Loans (Non-Conforming) include:
  • ARMs
  • Fixed Rate california forgiven debt state income tax
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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 .
http://www.nolo.com/legal-encyclopedia/short-selling-home-should-you-33439.html



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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; .
http://talktocj.com/ca-foreclosure-report/



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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 .
http://www.irvinehousingblog.com/blog/comments/the-coming-tax-nightmare-over-forgiven-mortgage-debt-in-california



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 .
http://community.lawyers.com/forums/p/96591/458754.aspx



Common Reasons for a Second california forgiven debt state income tax:
  • Home Improvement Financing
  • Tuition Fees
  • Debt Consolidation
  • Emergencies

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.
http://homeguides.sfgate.com/tax-consequences-short-sale-california-7222.html



Types of Second california forgiven debt state income taxs:
  • Traditional california forgiven debt state income tax
  • Home Equity Loan
  • Home Equity Line of Credit
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You may be taxed on forgiven mortgage debt from foreclosure - Apr ...
Apr 15, 2011 . Did your lender forgive some of your mortgage debt because the . It is IRS policy to tax forgiven debt you are personally responsible for as if it is income. Say . could elude taxes because California is a "non-recourse" state.
http://money.cnn.com/2011/04/15/real_estate/taxes_mortgage_debt/index.htm



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1099-C In the Mail? How to Avoid Taxes on Cancelled Debt | Credit ...
Mar 7, 2011 . According to the IRS, if a debt is canceled, forgiven or discharged, you must . in taxation who practices in the Law Office of Simmons & Purdy in California. . If you haven't listed the income on your tax return and the creditor has . I attempted to resolve the problem and get the state to pay, but could not.
http://www.credit.com/blog/2011/03/1099-c-in-the-mail-how-to-avoid-taxes-on-cancelled-debt/


Common Hybrid Loans include:
  • Fixed Period ARMs
  • Two-Step california forgiven debt state income tax
  • Convertible ARMs
  • Graduated Payment california forgiven debt state income taxs (GPMs)
  • Buydown california forgiven debt state income tax
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Tax Consequences of Phantom Income | Vokshori Law Group Blog ...
Jul 22, 2010 . There are both Federal and State income tax issues that come into play whenever . residence indebtedness from Federal and California gross income. . This applies to debt forgiven from 2007 through 2012 and up to $2mm .
http://www.voklaw.com/blog/?p=86

What is the Mortgage Debt Relief Act? - California Short Sale Solutions
The Mortgage Forgiveness Debt Relief Act is a government bill that offers relief to . a borrower DOES NOT have to pay income tax on forgiven debt in most cases. . If your combined federal and state marginal tax rate is 25%, you would then .
http://www.california-shortsale.com/common-questions/mortgage-forgiveness-debt-relief-act/

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Senate Bill 401 and Short Sale Tax Consequences
Apr 13, 2010 . tax consequences of short sales Homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, .
http://www.shortsaleexpeditor.com/in-the-news/senate-bill-401-and-short-sale-tax-consequences/


Common Conventional and Government Loans include:
  • State and Local Housing Programs
  • FHA Loans
  • VA Loans
  • RHS Loan Programs
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Taxes loom over foreclosures
Income tax can follow foreclosure unless you file bankruptcy first. . by Cathy Moran, California Bankruptcy Lawyer . Forgiveness of debt in bankruptcy is an exception to the tax law that treats canceled debt as income. . Unlike most states which conduct foreclosure by an auction in one form or another, these two New .
http://www.bankruptcylawnetwork.com/tax-collector-looms-over-foreclosures/