Tuesday, April 13, 2010

No more State Tax on Forgiven Debt!

Distressed Homeowners in California no longer have to pay STATE income taxes on debt forgiven in short sales, forecolsures, or loan modifications on "qualified principal residences". This bill basically aligned CA laws with that of the Federal govt. Great news for the hundreds of thousands distressed homeowners across the Golden State. For more info go to the Mortgage debt forgiveness link http://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml.
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4 comments:

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