627 Cape Coral Pkwy W., Suite 202, Cape Coral, FL 33914

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…