Tag: IRS

You Can Complete A Short Sale With An IRS Tax Lien

Right now I would like to talk to you about IRS liens and short sales. We help people who have IRS liens complete short sales all the time. It could be that you have a mortgage, your property is underwater and there are also IRS tax liens on the property. We get short sales with this particular situation completed all the time; they actually aren’t that difficult for us to complete because we know exactly what steps need to be taken to get it done. If you have a mortgage and the property is worth more but you have all these tax liens but you need to sell the property, we know how to get those short sales done, too. Even though the tax lien is there, we can still get you away from the property if you want or need to sell and want to move on with your life.

If you have an IRS tax lien and you’re considering doing a tax sale you may have had someone tell you that, no, you can’t do it, please know that they don’t know what they are talking about. It can be done and we have actually done it several times. Please fill out the short sale request form found on our website and we will be in touch with you shortly. You can also just pick up the phone and call us with any comments, questions or concerns you may have. You can also feel free to browse our website further and utilize the different tools on there, such as video archives or the short sale calculator that can be found on our homepage. This free and easy tool can help you to better analyze your financial situation with regards to your mortgage. Whether or not you’re underwater on your home, the short sale calculator can help you determine if you should stay in your home or if a short sale is the solution to your difficult financial situation.

Tucson Real Estate Agent Can Help Homeowners Avoid Tax Consequences Of Short Sale

Homeowners that are concerned about the potential tax consequences of a short sale have a great opportunity available that is almost gone. Thanks to the Mortgage Debt Relief Forgiveness Act homeowners can complete a short sale while also avoiding the taxes that result from the sale. Contact your Tucson real estate agent today to learn more about this great program and ulitmately sell your distressed property.

This federally sponsored program has already helped thousands of homeowners save thousands of dollars when it comes time for tax day in April. When a short sale is completed your lender forgives the difference between the selling price of your home and the balance of your mortgage. Because this debt was initially loaned out to purchase the home and never re-paid it is considered to be income by the IRS. This will require a w-2 from the government in order to pay taxes on a portion of this money. While your Tucson real estate agent can sell your home for the highest and best offer available it likely will be for much less than what you bought the home for. Especially if you purchased your home in the last five to ten years at the height of the market. Given the drastic change in home prices over that time period the amount of debt being forgiven could be in the hundreds of thousands of dollars. Your Tucson real estate agent can provide you more information about the Mortgage Debt Relief Forgiveness Act and the benefits it provides homeowners. However, this program is set to expire at the end of 2013 so it is important to act fast. A short sale on average takes four to six weeks from start to finish which leaves little room for error or waiting.

Give your Tucson real estate agent a call today to start discussing the benefits of completing a short sale. These great opprtunities will not be around forever and it is always important to consider your long term real estate goals.