Tucson real estate: Time to exhale…Congress passed the The American Taxpayer Relief Act of 2012 (Sec. 202) which extends the Mortgage Forgiveness Debt Relief Act through December 31, 2013. As a result, mortgage debt forgiven through either a short sale or loan modification won’t be taxed on the amount forgiven up to $2 million. After December 31, 2013, any forgiven mortgage debt will be considered taxable income.
Homeowners who are experiencing financial hardships should consider a short sale before December 31, 2013. Short sales can take several months to close. Call Realtor Lisa Bayless (520.668.8293) for more information about short sales.
Realtor Lisa Bayless specializes in Tucson Catalina Foothills, Oro Valley and Marana real estate. Contact Lisa with all your Tucson real estate needs.