Temecula Short Sales and the I.R.S.

Temecula short sale agent and broker at Realty Works Temecula,Sidney Kutchuk talks about short sales and the IRS. This year 2012 may be the last year that homeowners are protected from being taxed on Phantom Income. That is the income that is reported to the IRS on a 1099C. The 1099C show the amount that a bank has to write off their books at the end of a short sale. This amount can be deemed as income by the IRS. The Mortgage Forgiveness Debt Relief Act passed in 2007 created an exemption to this income tax. This Act will expire this year unless another extension is passed and as of now (Sept 2012) it has not been. Due to the fact we have yet to see an extension many homeowners facing foreclosure are seeking a short sale specialist to help get their homes sold before the end of this year. If your a Temecula homeowner and need more information on if a short sale is a option for you. Contact the short sale specialists at http://www.RealtyWrks.com or call 951-217-6745