03/08/2018 by heiseheisellp 0 Comments
Tax Relief for Short Sales in Baltimore
Depending on how closely you follow what is going on in Washington, you may or may not be aware that Congress recently passed the Bipartisan Budget Act of 2018. Even among those of you with your finger on the political pulse, it can be easy to overlook some smaller items rolled up in these types of complex Congressional deals. Among the many provisions included in this bill, the one we want to draw your attention to involves real estate short sales in Baltimore, MD and nationwide.
If you short sold your principal residence in 2017, and the lender forgave the debt, you will not need to include the forgiven debt in your gross income. Additionally, if you entered into a contract in 2017 to sell your principal residence and it does not end up settling until 2018, you will be able to benefit from this provision. Find additional details on the IRS website: http://bit.ly/2HSefC8
This is huge news and will provide tax savings for many hard working people!