The End of the Las Vegas Short Sale?
Under the “2007 Mortgage Forgiveness Debt Relief Act and Debt Cancellation”, most people doing a Las Vegas short sale had a great tax incentive - even though the debt that was waived by the bank became “income” to the seller, they received an offsetting tax credit for that income (talk to a tax expert). This Act was set to expire December 31 2012 and was extended to December 31 2013 - but there are no signs in the political winds...
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