Monday is Tax Day-Did You Enjoy Homeowner Tax Breaks This Year?

If you’re like most American home-owners, you’ve already filed your 2012 taxes and (hopefully) enjoyed a few of the tax-benefits of being a home-owner. Perhaps you’re a new-homeowner and you were able to leverage a significant break off of your mortgage interest, property taxes, or maybe you upgraded your appliances with more energy efficient models to get a tax credit.

Other tax payers who may have suffered some financial hardships through 2012 may also be celebrating... not tax credits, but protection from being taxed on ‘forgiven debt’ from the unfortunate short sale or foreclosure of their home.  If you recall, 2012 was supposed to be the last year the federal government would ‘waive’ taxation  on debt ‘forgiven’ by a lending institution.

Fortunately, in a last minute ‘Hail Mary’, the government extended that waiver for one more year.

What does that mean to you?  Hopefully nothing at all; unfortunately, especially for home-owners in the state of Nevada (one of the hardest hit states from the housing crisis); this just might be your last call for relief!

With only 8 short months left in 2013, and short sales taking up to 6 months to complete, homeowners who are still finding themselves upside down on their mortgage and struggling to make ends meet, the time is now to get your home approved for a short sale and wipe the proverbial slate clean.  Leverage this monumental tax ‘exemption’ before it’s too late!

As of January 1, 2014 any debt ‘forgiven’ by your lender is automatically added to your gross income for the year and is taxable! Contact your realtor today to discuss the value of your home and see if a short sale could be a benefit to you.

In part 2, we’ll discuss what a short sale actually is, how it affects you, and exactly who you need to help you with your short sale.


The Greenleaf-Elving Group
Christopher Greenleaf, Realtor
Keller Williams Realty Southwest
6180 Brent Thurman Way, Las Vegas, NV 89148
info@captaurre.com
Content deemed reliable, but not guaranteed, Equal Opportunity Housing Provider