Remember all the rush to complete short sales before 12/31/12 in order to avoid massive tax liability?
Well, buried in section 202 of the Fiscal Cliff Tax Bill / Band Aid is a nifty little section that takes care of that little issue:
SEC. 202. EXTENSION OF EXCLUSION FROM GROSS INCOME
OF DISCHARGE OF QUALIFIED PRINCIPAL RESIDENCE INDEBTEDNESS
But remember, this only applies to a principal residence…what about non-homestead property?
Oh, and this has only been passed by the Senate….if the House does not pass it….WOW….WOW….that’s big bad news on many, many fronts…..
And whatever the outcome…..for some folks, a phantom, uncollectable mortgage would be better than having the IRS chasing after you!
Read the full text:
FISCAL CLIFF
