[SK in CV]

[quote=NeetaT] Those who claim they can’t afford healthcare costs are the same people who can somehow find a way to buy a new car or go on a lavish vacation. All I can say is please “Kill the Bill” so that I am not fleeced for more taxes. I will gladly pay for my own healthcare thank you.[/quote]

Dude, what world are you living in? 45,000 people die every year in this country because they don’t have medical insurance. 10’s of thousand go bankrupt. Nobody is trading a cruise for their life.

[SK in CV]

[quote=NeetaT] Those who claim they can’t afford healthcare costs are the same people who can somehow find a way to buy a new car or go on a lavish vacation. All I can say is please “Kill the Bill” so that I am not fleeced for more taxes. I will gladly pay for my own healthcare thank you.[/quote]

Dude, what world are you living in? 45,000 people die every year in this country because they don’t have medical insurance. 10’s of thousand go bankrupt. Nobody is trading a cruise for their life.

[SK in CV]

[quote=NeetaT] Those who claim they can’t afford healthcare costs are the same people who can somehow find a way to buy a new car or go on a lavish vacation. All I can say is please “Kill the Bill” so that I am not fleeced for more taxes. I will gladly pay for my own healthcare thank you.[/quote]

Dude, what world are you living in? 45,000 people die every year in this country because they don’t have medical insurance. 10’s of thousand go bankrupt. Nobody is trading a cruise for their life.

[SK in CV]

[quote=NeetaT] Those who claim they can’t afford healthcare costs are the same people who can somehow find a way to buy a new car or go on a lavish vacation. All I can say is please “Kill the Bill” so that I am not fleeced for more taxes. I will gladly pay for my own healthcare thank you.[/quote]

Dude, what world are you living in? 45,000 people die every year in this country because they don’t have medical insurance. 10’s of thousand go bankrupt. Nobody is trading a cruise for their life.

[SK in CV]

Who is John Galt?

Great first line for a novel.

I think someone already thought of it.

[SK in CV]

Who is John Galt?

Great first line for a novel.

I think someone already thought of it.

[SK in CV]

Who is John Galt?

Great first line for a novel.

I think someone already thought of it.

[SK in CV]

Who is John Galt?

Great first line for a novel.

I think someone already thought of it.

[SK in CV]

Who is John Galt?

Great first line for a novel.

I think someone already thought of it.

[SK in CV]

If the short sale was your personal residence, and the debt was purchase money debt (your post leads me to believe otherwise), you have no taxable income. The Mortgage Forgiveness Debt Relief Act of 2007 made a temporary change in the law, to generally exclude personal residence debt relief from income. It does, however, reduce your tax basis in the property, so if you had significant cash out refi’s or a very low down payment, there may be some taxable capital gain. (the exclusion on personal residence capital gains not withstanding)

Additionally, forgiveness of debt is not taxable to the extent the taxpayer is insolvent. If your debts exceed your assets, after the forgiveness, you have no taxable income as a result of the forgiveness. This is without regards to whether you file for bankruptcy protection.

If it was investment property, it’s a whole different story. And if it’s investment property, you shouldn’t be soliciting advice on a blog. You should either know the answer or getting professional advice from someone who does. That would not include a real estate broker, or a agent, or even an experienced investor. Unless they also happen to be CPA’s or tax attorneys.

[SK in CV]

If the short sale was your personal residence, and the debt was purchase money debt (your post leads me to believe otherwise), you have no taxable income. The Mortgage Forgiveness Debt Relief Act of 2007 made a temporary change in the law, to generally exclude personal residence debt relief from income. It does, however, reduce your tax basis in the property, so if you had significant cash out refi’s or a very low down payment, there may be some taxable capital gain. (the exclusion on personal residence capital gains not withstanding)

Additionally, forgiveness of debt is not taxable to the extent the taxpayer is insolvent. If your debts exceed your assets, after the forgiveness, you have no taxable income as a result of the forgiveness. This is without regards to whether you file for bankruptcy protection.

If it was investment property, it’s a whole different story. And if it’s investment property, you shouldn’t be soliciting advice on a blog. You should either know the answer or getting professional advice from someone who does. That would not include a real estate broker, or a agent, or even an experienced investor. Unless they also happen to be CPA’s or tax attorneys.

[SK in CV]

If the short sale was your personal residence, and the debt was purchase money debt (your post leads me to believe otherwise), you have no taxable income. The Mortgage Forgiveness Debt Relief Act of 2007 made a temporary change in the law, to generally exclude personal residence debt relief from income. It does, however, reduce your tax basis in the property, so if you had significant cash out refi’s or a very low down payment, there may be some taxable capital gain. (the exclusion on personal residence capital gains not withstanding)

Additionally, forgiveness of debt is not taxable to the extent the taxpayer is insolvent. If your debts exceed your assets, after the forgiveness, you have no taxable income as a result of the forgiveness. This is without regards to whether you file for bankruptcy protection.

If it was investment property, it’s a whole different story. And if it’s investment property, you shouldn’t be soliciting advice on a blog. You should either know the answer or getting professional advice from someone who does. That would not include a real estate broker, or a agent, or even an experienced investor. Unless they also happen to be CPA’s or tax attorneys.

[SK in CV]

If the short sale was your personal residence, and the debt was purchase money debt (your post leads me to believe otherwise), you have no taxable income. The Mortgage Forgiveness Debt Relief Act of 2007 made a temporary change in the law, to generally exclude personal residence debt relief from income. It does, however, reduce your tax basis in the property, so if you had significant cash out refi’s or a very low down payment, there may be some taxable capital gain. (the exclusion on personal residence capital gains not withstanding)

Additionally, forgiveness of debt is not taxable to the extent the taxpayer is insolvent. If your debts exceed your assets, after the forgiveness, you have no taxable income as a result of the forgiveness. This is without regards to whether you file for bankruptcy protection.

If it was investment property, it’s a whole different story. And if it’s investment property, you shouldn’t be soliciting advice on a blog. You should either know the answer or getting professional advice from someone who does. That would not include a real estate broker, or a agent, or even an experienced investor. Unless they also happen to be CPA’s or tax attorneys.

[SK in CV]

If the short sale was your personal residence, and the debt was purchase money debt (your post leads me to believe otherwise), you have no taxable income. The Mortgage Forgiveness Debt Relief Act of 2007 made a temporary change in the law, to generally exclude personal residence debt relief from income. It does, however, reduce your tax basis in the property, so if you had significant cash out refi’s or a very low down payment, there may be some taxable capital gain. (the exclusion on personal residence capital gains not withstanding)

Additionally, forgiveness of debt is not taxable to the extent the taxpayer is insolvent. If your debts exceed your assets, after the forgiveness, you have no taxable income as a result of the forgiveness. This is without regards to whether you file for bankruptcy protection.

If it was investment property, it’s a whole different story. And if it’s investment property, you shouldn’t be soliciting advice on a blog. You should either know the answer or getting professional advice from someone who does. That would not include a real estate broker, or a agent, or even an experienced investor. Unless they also happen to be CPA’s or tax attorneys.

[SK in CV]

Right, urbanrealtor.

Current CA law specifically says that electronic transmission of an offer and acceptance, without a pen and ink signature is binding. Back of a business card works too, as long as it meets all the other requirements of a contract. Amendments, addenda, modifications, the same thing. Conveyance electronically of an offer and acceptance of original contracts, and modifications of that contract are deemed to meet the “meeting of the minds” requirement. But the issues of signatures notwithstanding, to be binding, for real estate, it must be in writing. Phone calls don’t work.

[Author]

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