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Great News for Investors and Sellers FreeGiftComments

I received the article below in an email sent to me from National REIA.

My Short Version Summary of Your Benefits:

1.) Investors who have short saled properties where the lender accepts less than the balance owed, typically had to report the amount of the discount to the IRS as income and pay income tax on the discounted dollar amount. With this new extension, it prevents the IRS from taxing your cancelled debt or the amount of your discount. It appears this expired in 2013; however this new extension act now includes both 2013 and 2014 tax years.
SPECIAL NOTE: If you have short saled any properties in 2013 and 2014, you should verify and make sure your tax preparer knows all of the details on this. I will bet many investor’s tax preparers were aware of the original act, but not this extension.

2.) SELLERS: when buying investment property using “short sale” technique, you have a brand new benefit for your seller. Get it short saled and close before the end of 2014, and they will not get taxed on the amount the lender discounts.  HUGE Benefit for your Seller. Once again, remember your seller might check with tax advisor and they may not be aware of this new extension to the Mortgage Forgiveness Debt Relief Act Extension.

Below is the email I received this morning.


 

Mortgage Forgiveness Debt Relief Act Extension:

Over the course of the first two weeks in July, National REIA’s lobbying arm in Washington, D.C., in concert with National REIA board member and my good friend Tom Zeeb, met with the key sponsors of legislation to extend the short sale tax break retroactively for 2014 and through 2015.

The extension of this tax break, which prevents the IRS from taxing cancelled debt during the utilization of short sales, is critical to restoring the use of short sales.

Since the failure to extend the Mortgage Forgiveness Debt Relief Act into 2014, short sales have fallen dramatically since the passage of the tax break implementation in 2008 to 2013 and through the passage of FHFA’s National Standard Short Sale Program, another product of National REIA’s lobbying arm.

 


What are Your Comments On This New Extension? FreeGiftComments 
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SigMikeButler

True Story, this just came in this morning on our Emergency Hotline

 

What Would You Do?   – please click the “Leave Comments” Button Above

 

Instantly, They HATE Your Guts!

 
I was totally shocked this morning and had to share this with you Mike. In case you did not know, my real estate company provides a “Tenant Finder Service” for rental properties owners in my town. Investors with 300+ units and more use our service on all of their properties. It works!
Our Tenant Finder Service markets their rental unit, shows it, takes and processes applications, and can also handle the entire Move In Process including signing all docs and collecting rent and security deposit.
Yesterday, Beth handled a move in process for a Tenant Finder Home. All was done properly for new tenant orientation and training, monies, docs, keys and owner knew in advance and was informed of his new tenant getting started.
Now SCHOCK and AWE Happened This Morning!
HIs New Tenant called our 24 hr Emergency Hotline reporting his home had no electricity nor any air conditioning. Keep in mind, this is a Saturday morning.
After receiving their 36 second emailed voice message, I was flabbergasted. I quickly forwarded the email voice message to the owner along with a few comments about how this behavior absolutely destroys everything we have done in orientation and training to get them off on a good start with owner.
(fyi, in my town, our electric company takes 3 days to transfer service and each new tenant is informed they have 3 business days to transfer utilities… yes, we used to have them do it before signing, but this is simpler.)
The Owner’s Email Reply:
“I Do Not Pay for Tenant Utilities”
LESSON LEARNED: Clearer Communication with owner is critical and just like a lease, we will be adding another paragraph in our Tenant Finder Service Agreement.
 

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