The California Senate voted 21-15 today to approve legislation that would prevent homeowners who have had a foreclosure, loan modification or short sale from being required to pay state income taxes on the debt forgiven. The bill, SB32 (8X), by Sen. Lois Wolk (D-Davis) also makes other changes to the state tax law so it will conform with federal income tax law. It now goes to Gov. Schwarzenegger, who has 12 days to sign or veto the measure once it reaches his desk. If signed by the governor, the law will become immediately effective. It is retroactive to include the 2009 tax year and the exemption on state taxation of forgiven mortgage debt would remain in force through 2012.

 

County Properties, 23 years of brokerage experience, trust and a Member of the local Better Business Bureau! We offer free counseling in real estate regarding; home values and information on options of selling vs. Foreclosure.

If you have equity in your home, we will sell your home and get top dollar in this challenging market. If you do not have enough equity, and you must sell your property as a short sale we have the expertise to do so also and close escrow in 45-60 days or less. Learn more about mortgage relief options and how to take advantage of our FREE REALTOR (R) /ATTORNEY CONSULTATION.

Please feel free to contact me today for free counseling at (619) 301-0200 visit our website, click CountyProperties.net

By the way…if you know of someone who would appreciate the level of service in real estate we provide, please call me or have them go to www.CountyProperties.net  and I’ll be happy to follow up and take great care of them.