Cape Coral Short Sale Tax Ramifications

Cape Coral Short Sale Tax Ramifications

Did you complete a short sale on your Cape Coral house in 2010? If so you need to be sure you are prepared to file your taxes. Since the tax season is upon us I wanted to take a moment to remind you to make an appointment to see your tax accountant. With the The Mortgage Forgiveness Debt Relief Act you may not have to pay any taxes on the forgiven amount shown on your 1099 after the short sale of your primary residence. Please also note that the IRS considers any forgiven amount as income and you could be liable to pay taxes whether or not you receive a 1099 from the bank(s). You can read more directly on the IRS website. You will also want to complete, or have your accountant complete for you, Form 982. This will allow the amount forgiven and possibly taxable to be excluded from your total taxable income if allowed.

http://www.irs.gov/individuals/article/0,,id=179414,00.html

http://www.irs.gov/pub/irs-pdf/f982.pdf

If our office can assist you in any way please give us a call.

If we can assist you with your short sale in Cape Coral or Ft Myers please contact us to find out how to get started.

Yours in Success,

The Florida Future Realty Team
(239) 542-8521 Local
inquiry@floridafutureagents.com

If you would like to speak with Susan after hours her personal cell phone# is 239-218-2229 or email her at Mail@susanmilner.com, she is never too busy to help you.

*~ Before you decide to sell your house as a short sale we recommend you contact BOTH a CPA/tax professional & an experienced Attorney to discuss YOUR specific situation. Laws & guidelines change frequently and you want to be sure a short sale is in YOUR best interest! ~