As we approach the deadline for filing 2014 tax returns, many prospective homebuyers who were forced to “short-sell” their homes in 2014 are wondering about the tax implications they are facing. Most of the uncertainty was due to the lingering question of whether or not Congress would pass the Mortgage Debt Forgiveness Act which excuses short-sale sellers from having to count the amount of Mortgage Forgiveness as “Income” on their 2014 returns. Well, the mystery is over as both Congress and the U.S. Senate passed the legislation which President Obama then signed into law. Despite the law being passed, many would be buyers still have questions concerning the Act and I am ready and willing to assist buyers in the Naples area understand the ins and outs of the recent legislation. Call me at (239)273-4006 or email me at Fay@Move2NaplesNow.com so we can discuss the potential impact of the Act on your new purchase or to discuss my Special Fly and Buy Travel Incentive Program. You can also visit my website where you can search for properties for sale in the Naples area at Fay.MoveToNaplesNow.com. Fay Mlinarich, PA., Premiere Plus Realty.
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