Numbers, Short Sales and Taxation…oh my!!!

ScottsCam 001

Wow!  Lots of great info was shared today at training
– numbers, top ten questions ready to be answered, short sales in any market
and then Aronson & Company notes on taxation of debt forgiveness.

 

Numbers (in Northern Virginia)

 

  • Active (Sales)                                      5414
  • Vacant                                                 1597
  • % of Market                                         29.5%
  • Month Supply (For Sale)                      1.8
  • Month Supply (For Rent)                     2.2
  • Month Supply Sold                              2.1

 

 

Top Ten Questions – ready
to be answered!

 

  1. Is the housing market getting better?
  2. When will housing bottom out?
  3. What signals should I watch to determine
    whether my local market is improving?
  4. How can I figure out the value of my home?
  5. Does it matter whether I’m ‘under water’?
  6. If I lose my home to foreclosure, how long
    will it take to repair my credit record?
  7. If I’m renting, is now a good time to buy a
    house?
  8. Can I get a tax credit if I buy a home now?
  9. Can I get a mortgage on attractive terms?
  10. Should I invest in foreclosed homes?

 

 

Aronson & Company
Notes

 

·       
Cancellation
of debt is a taxable event

·       
Bankruptcy
does protect from tax liability from a tax liability that occurred prior to
bankruptcy.

·       
Deed in Lieu
of Foreclosure – similar to short sale – selling to third party with bank’s
approval. 

·       
Loan
Modifications can also result in cancellation of debt and the modifier may
receive a 1099 from the lender – be aware this is could possibly happen!

·       
The discharge
of acquisition debt secured by the taxpayer’s principal residence is excluded
from income up to $2,000,000 until December 31, 2012.  This date is subject to change.


For a complete chart of
the implications of the Taxation of Debt Forgiveness handout we received call
or email me and we will get it to you. 
As is always the case – you learn more by listening, taking notes and
reading the materials than you do by reading my synopsis – get to training
yourself to internalize it more!  Get
it?  Got it?  Good!

 

Now, go sell something!

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