Washington Real Estate Brokerage and Legal Information. Tax, Economics, Transaction tips and more.
Weitz Law Firm - 520 Kirkland Way, Ste 103 - Kirkland, WA - (425) 889-9300
Thursday, December 25, 2014
Seattle Short Sales: Extension of Mortgage Debt Relief Act 2014
Great news: Congress (Finally) pass a package of tax extensions approved by the U.S. House and Senate, and headed to the President’s desk for signature, includes important provisions that will help distressed homeowners and commercial property investors with transactions made during 2014. See original article here.
The law will be extended through 2015.
Why its important:
Imagine losing a life savings in a underwater property....then you sell it and/or have it foreclosed...and get hit with a large tax bill from Uncle Sam. If it doesn't sound fair, its because it isn't. We applaud Congress for finally extending this law.