Hello everyone my name is Chris Bowers and I am the owner and team leader of the Bowers Team here in Arizona thank you for your time today. I work with distressed property owners in Arizona every day and use this blog to share valuable information on all of your options for avoiding foreclosure. If your mortgage is underwater or you are having trouble making your mortgage payment each month take a minute to browse my website or contact me directly to learn more about your options.
For my blog today I wanted to discuss the possibility of tax implications as the result of completing an Arizona short sale. In my opinion this is a very important topic and should always be considered before starting your short sale. Thankfully for homeowners there is still time to complete a short sale before the Mortgage Debt Relief Act expires at the end of this calendar year. This act of Congress allows a homeowner to avoid paying taxes on the difference between the selling price of your Arizona home and the mortgage debt you owe. This forgiven debt is considered to be income and a 1099 will be issued for the amount that your lender forgives on your underwater mortgage. While I am not a CPA I can tell you that this program has helped numerous Arizona homeowners save a bundle of money in the last five years and if you are considering a short sale it is important to act fast.
If you have questions about your short sale tax implications or to start your file today please fill out a contact form on my website or call the office to get the ball rolling on a successful short sale. Thank you for your time today and I hope to hear from you soon at the Bowers Team here in Arizona.