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!
- Is the housing market getting better?
- When will housing bottom out?
- What signals should I watch to determine
whether my local market is improving? - How can I figure out the value of my home?
- Does it matter whether I’m ‘under water’?
- If I lose my home to foreclosure, how long
will it take to repair my credit record? - If I’m renting, is now a good time to buy a
house? - Can I get a tax credit if I buy a home now?
- Can I get a mortgage on attractive terms?
- 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!
Scott's Motivation and Real Estate Market Updates 