Tax Relief for Distressed Owners in Pre-Foreclosure?

California is in the process of passing a tax relief bill for distressed owners in pre-foreclosure. Taxes will not be collected on the difference between what is owed and the sale price of the property.

Tax will not be collected

California is in the process of passing a tax relief bill for distressed owners in pre-foreclosure.

 

The bill specifies a distressed owner will not have to pay tax on the sale price of their properties.

 

In other words, the difference in what the homeowner owes and the sale price will not be counted as income.

 

Read  HOUSING: Short sales to no longer carry sales tax

Leave a Reply