Lots of you are facing hard times here in Arizona. Tough challenges are being faced and tough questions are having to be answered. Some of you don't know where to begin or even what to do. I deal with lots of people everyday asking me if short selling my property is the right thing to do.
A short sale is when the lender is willing to sell the property for less that what you owe. For some people, there are tax implications that could arise and for others there is not. Best thing to do is seek professional information for either a tax attorney, CPA, real estate attorney, and/or bankruptcy attorney. In most cases, they will all give you different answers, but the bottom line is go with what helps you sleep at night.
You can find out more about the Debt Relief Act of 2007 here. This link to the IRS website should be able to give you an over view of what you are looking at as far as taxes go.
Feel free to call me if you have questions or are considering short selling your home at 602/370-5177 or email me at makalani@cox.net.
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