Capitalize on Last-Minute Tax Breaks by Contacting a Real Estate Attorney
An advantageous tax break expires December 31, 2016, bringing serious financial implications to homeowners in need of a short sale and mortgage debt forgiveness. Specifically, the Mortgage Forgiveness Debt Relief Act, which allows homeowners to exclude up to $2,000,000.00 of income from forgiven debt on their principle residence, is set to expire at the end of 2016. Leading experts on this issue do not believe the Act will be extended or reinstated.
Homeowners that sign an agreement of sale by December 31st will still qualify for the exception, even if the sale occurs in 2017. In other words, there is one month remaining for owners to get under contract to avoid crippling income tax owed to the IRS, through a mandatory lender-issued 1099-C.
The most important part of the short sale process is gaining lender approval – Dash Farrow has the extensive experience, background and knowledge necessary to provide homeowners the result and relief they require.
Obtaining legal advice from an experienced New Jersey real estate attorney is essential when facing foreclosure and the many legal issues that arise from owning a property that is worth less than is owed.
Dash Farrow, LLP, provides personal attention to each client, and a high degree of responsiveness throughout the process. We take pride in minimizing transaction time, while ensuring client needs are met every step of the way. In fact, we average seven (7) weeks to obtain lender approval.* Trust our experienced team of real estate attorneys when attempting to renegotiate mortgage debt related to a distressed property in New Jersey.
When you need experienced, focused, and responsive legal counsel:
CALL DASH FARROW, LLP
*Seven (7) week average approval time where short sale involves one (1) mortgage