Comments on: Tax Consequences of a Short Sale http://shandrowgroup.com/short-sales/tax-consequences-of-a-short-sale/ Long Beach Real Estate | Long Beach Homes for Sale | Long Beach Foreclosures | Long Beach Short Sales Tue, 07 Feb 2012 02:57:48 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Mike http://shandrowgroup.com/short-sales/tax-consequences-of-a-short-sale/#comment-7 Mike Mon, 19 Jan 2009 18:03:57 +0000 http://markshandrow.com/2008/06/tax-consequences-of-a-short-sale/#comment-7 It just makes sense. When you cannot pay for something that you agreed upon with a lender, the consequence will have a lot to do with your credt. Once done, it's hard to wipe it off for a long while! It just makes sense. When you cannot pay for something that you agreed upon with a lender, the consequence will have a lot to do with your credt. Once done, it’s hard to wipe it off for a long while!

]]> By: Frank http://shandrowgroup.com/short-sales/tax-consequences-of-a-short-sale/#comment-6 Frank Tue, 13 Jan 2009 23:24:59 +0000 http://markshandrow.com/2008/06/tax-consequences-of-a-short-sale/#comment-6 Thanks for posting this. Most people don't really realize how a short sale works in the first place and don't do the research they should on it. I'm with Sheila and feel that alot of these bailout tactics are corrupt and those that made the poor judgements should realize that in the first place. It's a tough industry, granted, but either way I think it's a little absurd all of what is currently happening. Thanks for posting this. Most people don’t really realize how a short sale works in the first place and don’t do the research they should on it. I’m with Sheila and feel that alot of these bailout tactics are corrupt and those that made the poor judgements should realize that in the first place. It’s a tough industry, granted, but either way I think it’s a little absurd all of what is currently happening.

]]> By: Zac http://shandrowgroup.com/short-sales/tax-consequences-of-a-short-sale/#comment-4 Zac Fri, 05 Dec 2008 11:08:37 +0000 http://markshandrow.com/2008/06/tax-consequences-of-a-short-sale/#comment-4 Good blog post, but there are responsible organisations out there that offer speedy property purchases and have many testimonials from previous satisfied customers, i think you've just gotta find a company that are completely transparent and that you can trust. Good blog post, but there are responsible organisations out there that offer speedy property purchases and have many testimonials from previous satisfied customers, i think you’ve just gotta find a company that are completely transparent and that you can trust.

]]> By: Sheila http://shandrowgroup.com/short-sales/tax-consequences-of-a-short-sale/#comment-3 Sheila Thu, 20 Nov 2008 21:42:39 +0000 http://markshandrow.com/2008/06/tax-consequences-of-a-short-sale/#comment-3 It's not so amazing, considering the borrower signs a note agreeing to pay the amount that the bank paid the original owner for the home. Then when the home falls in value and/or the current owner defaults on his obligation, the bank is left holding the difference. Thus, the person who promised to pay that amount for the home walks away, the tax on the difference between what the bank can sell the home for, and what the owner obligated themselves to pay, is for all intents and purposes "income". The borrower should have to absorb some of the cost to society of their decision to overextended themselves. Why not? The bank is taking a huge hit, people who pay their mortgages properly are taking a huge hit, how is it fair to let the debtor walk away scott free? It’s not so amazing, considering the borrower signs a note agreeing to pay the amount that the bank paid the original owner for the home. Then when the home falls in value and/or the current owner defaults on his obligation, the bank is left holding the difference. Thus, the person who promised to pay that amount for the home walks away, the tax on the difference between what the bank can sell the home for, and what the owner obligated themselves to pay, is for all intents and purposes “income”. The borrower should have to absorb some of the cost to society of their decision to overextended themselves. Why not? The bank is taking a huge hit, people who pay their mortgages properly are taking a huge hit, how is it fair to let the debtor walk away scott free?

]]> By: vmo http://shandrowgroup.com/short-sales/tax-consequences-of-a-short-sale/#comment-5 vmo Sat, 13 Sep 2008 00:05:41 +0000 http://markshandrow.com/2008/06/tax-consequences-of-a-short-sale/#comment-5 What I do not understand is that if the seller has not completely paid off the home, and sells short, how can that alone be considered income? I mean the seller actually never had any money so for all intensive purposes their was no financial gain to tax. It's amazing the tax you coming and going, and even for income that was never realized. And let me guess... The mortgage companies are permitted to write off the remainder of the loan as a loss, without considering if the principal was paid. What I do not understand is that if the seller has not completely paid off the home, and sells short, how can that alone be considered income? I mean the seller actually never had any money so for all intensive purposes their was no financial gain to tax.

It’s amazing the tax you coming and going, and even for income that was never realized. And let me guess… The mortgage companies are permitted to write off the remainder of the loan as a loss, without considering if the principal was paid.

]]> By: Bad Credit Mortgage Lender http://shandrowgroup.com/short-sales/tax-consequences-of-a-short-sale/#comment-2 Bad Credit Mortgage Lender Thu, 10 Jul 2008 05:10:34 +0000 http://markshandrow.com/2008/06/tax-consequences-of-a-short-sale/#comment-2 I found your site on faves.com bookmarking site.. I like it ..gave it a fave for you..ill be checking back later I found your site on faves.com bookmarking site.. I like it ..gave it a fave for you..ill be checking back later

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