San Diego, CA (PRWEB) September 22, 2011
Home owners, who go past 2012 with no loan mod and have to quick sale, could have a huge tax bill. Some short sales take a year. Property owners who wait till 2012 might have a brief sale close in 2013 and face a enormous tax bill.

EHS says Be Concerned. Heres how the 2007 Act functions. If your lender forgives any of your loan, it is reported to the IRS as ordinary income. That revenue could add over $ 100,000 to your taxable revenue. The 2007 Act forgives that tax.

Congress created a bi-partisan 12-member committee to decrease the $ 1.five trillion dollar tax deficit. Every thing is on the table which includes the tax deduction for mortgage interest and property taxes. This tax credit, which permits property owners to exclude up to $ 2 million dollars in mortgage debt forgiveness, is an simple repair. Remember, congress didnt extend the initial time buyer credit.

2012 is a presidential election year. There is no telling who will be in power or what the political ear will be willing to hear.

Even the existing mortgage interest tax deduction is under scrutiny. The committee estimates that by limiting mortgage interest and other itemized deductions for household incomes above $ 250,000 or people over $ 200,000, they can shave off $ 250 billion from the deficit. Why not let a temporary act currently scheduled to expire for everyone in 2012 disappear? This will affect folks producing a lot much less than $ 250,000.

Homeowners want to believe tough. Banks can hold homeowners on the hook paying if they face serious taxes. They can foreclose if home owners cant pay. Suggestions: Dont wait!

For answers, sign up for a Cost-free Guide for Distressed Home owners.

Mary Ellen Wilson, broker (Lic. #01487433), Expert Residence Solutions Inc. dba Specialist House Auctions International, 877-267-2514×7, 877-276-8563 FAX, mewilson(at)experthomesolutionsincusa(dot)com, has been licensed because 2005. Her web experiences from 1995, prompted her to commence EHA online in Might, 2009. She has run over 40 auctions.

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