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Thesa Chambers, Principal Broker

Contact Us Today At (541) 771-7064
thesa@centraloregonbuzz.com

70 SW Century Dr #110 Bend, OR 97702

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If I Sell Short Will I Owe Taxes?

When you sell your home as a short sale or you go through a foreclosure a 1099C will be issued.  As we know a 1099 is issued to show that money was received and generally there are taxes owed on these funds.  However in 2007 The Mortgage Debt Relief Act was passed, originally it was set to expire December 31, 2009.  Just before the election an extension was granted into 2012.

In short the Act gives you the relief from these taxes under many different circumstances – reading the Mortgage Debt Relief Act summary on the IRS website will give you the power to know how your 1099 affects you.  In the majority of the short sales and foreclosures the home has been your primary residence and this in particular is discussed in the Act.

I am a real estate broker and not a tax adviser, and am not attempting to give you tax advice.  Knowing, that there are options and programs will give you the knowledge to know what questions to ask and where to take these questions to.

Again – I refer you to The Mortgage Debt Relief Act the power of knowledge can take a lot of the stress out of the short sale or foreclosure you may be facing.

Posted in: Foreclosure, Short Sale Information Tagged: CDPE, central oregon short sale, foreclosure, Mortgage Debt Relief Act, short sale, tax, taxes

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About Thesa

As your real estate agent, I understand the value of providing the best possible service to every buyer and seller. Listening carefully to fully identify not only your desires but also your needs. Then work diligently to ensure that both are accommodated to the best of my ability. We will stay abreast on changing market conditions, trends, developments and research all factors that could affect the purchase or sale of your property.  My success and your happiness greatly depend upon the quality of the relationship we achieve.  Through personal redefinition of the professional standards set by most agents, I hope set myself apart from the rest and become the first person that you think of for all of your real estate needs.

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Contact Thesa

Thesa Chambers, Principal Broker West + Main Homes
thesa@centraloregonbuzz.com
(541) 771-7064
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The data relating to real estate for sale on this website comes in part from the MLS. Listing broker has attempted to offer accurate data, but is not guaranteed accurate. All information presented is deemed reliable but not guaranteed.

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