Real Estate Marketing – Taxes on Short Sale, Loan Modification and Foreclosure – Part 3 – Real Estate Marketing – Cancellation of debt income reported to the IRS on form 1099 C – Produced by Dan Havey of Real Estate Marketing This Week Part 3 – So we talked about 20 million homeowners are upside down on their mortgages, thousands of their homes are being foreclosed on every week, property values may still be declining in some areas. Homeowners are walking away, they are doing foreclosures, there is a deed in lieu that people may not be aware of, loan modifications in many different shapes, forms and fashions and short sales. These are all things that do have tax implications that a lot of people are not aware of. Each has its own consequences thats why we have asked Mike Patenella, a CPA to be with us today on the air. Mike tells a little bit about yourself. Well I am a CPA. I have been in public accounting since 1988, I have my own tax practice and operate out of Scottsdale, and we focus on tax-preparation, advance planning for high net worth individuals and small businesses throughout the Valley. I moved to the Valley in 1990 back from New York. You know, I have had the opportunity to work with Mike as a strategic partner as well and I share a number of clients. Each time I have had the honor of providing him a referral for tax work the outcome has exceeded expectations, so I am really pleased to be part of the discussions today and to work with such a great group. It has been a pleasure, and again if you’re talking about

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One Response to Real Estate Marketing – Taxes on Short Sale, Loan Modification and Foreclosure – Part 3

  1. REMarketingThisWeek says:

    Whether you owe for a Deficiency is dependent upon State Law. The Lender may attempt to get a judgment against you, but may be barred by State Law. Check with a Real Estate Attorney who is familiar with the Laws of the State where the real estate is located.

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