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December 28, 2012 at 7:23 AM #20406December 28, 2012 at 7:38 AM #756886carlsbadworkerParticipant
Happy Holiday! Part of the fiscal cliff impact would be the tax relief act expiration. I am surprised that no one mentioned this yet. That is, the short sale seller will be charged for full amount of debt forgiveness as their “gift” income for tax purpose.
It is utter madness right now as everyone is rushing to close before Jan 1st 2013 (so am I).
It is interesting to see its impact on the inventory. Because short sales are now bulk of the inventories that come to market at reasonable price range. If the tax relief act is not extended, it would be the (short) sellers’ interest to just wait for foreclosure. And we will be wishing for the days that there is still a month of inventory.
December 28, 2012 at 9:24 AM #756890sdduuuudeParticipantMerry Christmas and Happy Fiscal Cliff Day !
December 28, 2012 at 10:42 AM #756895CoronitaParticipant[quote=carlsbadworker]Happy Holiday! Part of the fiscal cliff impact would be the tax relief act expiration. I am surprised that no one mentioned this yet. That is, the short sale seller will be charged for full amount of debt forgiveness as their “gift” income for tax purpose.
It is utter madness right now as everyone is rushing to close before Jan 1st 2013 (so am I).
It is interesting to see its impact on the inventory. Because short sales are now bulk of the inventories that come to market at reasonable price range. If the tax relief act is not extended, it would be the (short) sellers’ interest to just wait for foreclosure. And we will be wishing for the days that there is still a month of inventory.[/quote]
It will get extended.
December 28, 2012 at 11:31 AM #756900carlsbadworkerParticipant[quote=flu]It will get extended.[/quote]
I believe so as well…but the seller doesn’t. I don’t know that there is anything they can do now though except not giving me the mail key if the house closes on Jan 2nd.
December 28, 2012 at 11:50 AM #756901CAwiremanParticipantAgreed, unbelievably broken congress/political process.
We could be one bad budget deal away from a Euro-crisis like situation, and Dems/Reps are playing a game of chicken.
I wonder how much more than the $200/mo savings I’ve picked up from the refi I’ll have to pay in taxes/etc.?
And, will we keep our jobs…
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