Posts Tagged ‘phantom income’

We think it should get extended for the second time, but we can’t say for sure.

Here’s the link to the IRS website is case you aren’t exactly sure what it is.

Are you in a home now that is upside down in value?  Have you been “on the fence” about short selling or foreclosing and don’t know which would be best &/or when?

In 2007, it was one of the last things Bush signed and it blew open the doors for Short Sales because before then people had to pay taxes on the “Phantom Income” they received from their creditors (IRS Form 1099 C). 

Until the end of this year, it’s still in effect. 

We do expect it will be extended again, but probably not until the last hour like in 2010 when President Obama had extended it for another 2 years.

We do expect it will cause delays in the last half of this year for short sales in general because of the “rush” of people who will want to short sell their home they are upside down in before it’s they think it’s too late.

We do think it’s a good idea to talk to someone now just in case it doesn’t get extended. But again, we do feel strongly that it should.

Please call at 480-696-5800 OR Click here and get started online if you think you are ready to explore your short sale options.

Rebecca Hidalgo sits with Corey Peterson of Kahuna Investments and discusses the most FAQ’s she sees when clients contact her for advice/consultation on doing a Short Sale.  (Corey is an investor and helps many people by buying their homes with cash for a quick close)

1. Do I have to be late on my mortgage payment(s)?

2. When can I buy again?

3/4. (tied) What are my tax obligations and can the bank come after me for the loss (deficiency)?

Watch the video and if you’d like to discuss your own situation with Rebecca, please fill out our quick online questionnaire about you and your home or call Rebecca @ 480-243-4242.