Dawn Barrier REALTOR®, 's Blog,LAS VEGAS BLOG

head_left_image

2014 TAX RELIEF TO SHORT SALE FORGIVEN DEBT PASSES CONGRESS

Short Sale Forgiven Debt Passes Congress for 2014......read below about this great information provided by  

Ricard Richard Zaretsky, Esq.

 

 

 

Las Vegas Real Estate Listing Agent Dawn Barrier 702-812-4550 Las Vegas Homes For Sale

 

      

 

 

 

 


  

 

 

 

 

 

 

 

Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

All photography on this site are the property of Dawn Barrer unless otherwise noted and are

protected by U.S. Copyright laws and are not allowed to be downloaded or reproduced in any

way without written permission of Dawn Barrier.If you would like permission to use a photo

please email Dawn     Important Notice -This is a personal blog. 

In a long expected vote by the House of Representatives, HR 5771 was passed today just after 3 pm ET.  HR 5771 in section 102 provides for the extension of the presently expired Mortgage Debt Forgiveness Act, which expired at the stroke of midnight December 31, 2013.  The law is now extended though December 31, 2014.  Efforts to have the extension for 2 years failed.  Interestingly the bill, introduced just days ago, was given a 10% chance of passage on Monday by Govtrack.US website.

Those who received forgiven debt in a short sale or deed in lieu of foreclosure or other forgiveness of debt on a primary residence in 2014 will now in most cases have no income tax to pay on that gain.

For example, if a mortgage of $250,000 was paid off with only $150,000 from a short sale, that would mean that the borrower would have a gain (income) of $100,000.  If the taxpayer was in the 28% tax bracket, that would mean a $28,000 tax bill on that transaction on the individual's 1040 tax return that needs to be filed for 2014.  Passage of this bill removes that tax bill.

Senator Pete Sessions said in a statement:

WASHINGTON, D.C.  – U.S. Congressman Pete Sessions (R-TX), Chairman of the House Rules Committee, today released the following statement regarding House passage of H.R. 5771, the Tax Increase Prevention Act of 2014:

“Today the House acted to prevent burdensome tax increases on millions of families and businesses across America.  This piece of legislation provides much needed certainty to taxpayers as they prepare to file their 2014 tax returns and eliminates provisions in the tax code that no longer serve a purpose. I applaud the passage of this bill and look forward to continuing to work toward a simple, competitive tax code.”

We previously posted about this matter at: Realtor Call to Action – Forgiven Mortgage Debt Tax Exemption Expiring

This is huge for a large number of distressed homeowners that lost their homes to short sales and deed in lieu of foreclosure in 2014.

The Congressional minutes summary shows the following:  

2:41:53 P.M. H. Res. 766 Considered as unfinished business. H. Res. 766 — "Providing for consideration of the bill (H.R. 5771) to amend the Internal Revenue Code of 1986 to extend certain expiring provisions and make technical corrections, and for other purposes, and providing for consideration of the bill (H.R. 647) to amend the Internal Revenue Code of 1986 to provide for the tax treatment of ABLE accounts established under State programs for the care of family members with disabilities, and for other purposes."
3:11:43 P.M. H. Res. 766 On agreeing to the resolution Agreed to by the Yeas and Nays: 231 - 192 (Roll no. 540)

__________________________________________________

© 2014 Richard P Zaretsky, Esq.

 Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., AUTOMATED LAND TITLE COMPANY and ZARETSKY LAW GROUP, ATTORNEYS AT LAW, 1615 FORUM PLACE, SUITE 3A, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com Website www.Florida-Counsel.com. 

 

See our easy to find articles at TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

 

Las Vegas Real Estate Listing Agent Dawn Barrier 702-812-4550 Las Vegas Homes For Sale

 

      

 

 

 

 


  

 

 

 

 

 

 

 

Any Stats are on Resale Single Family homes only per the GLVAR MLS as of this writing or as noted,covers the Las Vegas Valley, North Las Vegas, Henderson area or as noted.

All photography on this site are the property of Dawn Barrer unless otherwise noted and are

protected by U.S. Copyright laws and are not allowed to be downloaded or reproduced in any

way without written permission of Dawn Barrier.If you would like permission to use a photo

please email Dawn     Important Notice -This is a personal blog.

2014 TAX RELIEF TO SHORT SALE FORGIVEN DEBT PASSES CONGRESS
share
Short Sale Forgiven Debt Passes Congress for 2014… read below about this great information provided by Ricard Richard Zaretsky, Esq. Any Stats are on Resale… more
10 things polite Realtors won’t tell sellers — but should | Inman News
share
10 things polite Realtors won’t tell sellers — but should | Inman News Well, I have told my sellers a few of these things before as I want them to realize what the buyers are thinking, and I do try to do it politely. Most of my sellers… more
Foreclosure Protection Bill for Servicemembers Passes in Both House,…
share
"After fighting for our country overseas, our troops shouldn’t have to fight to keep a roof over their heads when they return home, " Whitehouse said - I agree S. 2404 also known as the Foreclosure Relief and Extension for Servicemembers Act… more
Las Vegas Homes with Negative Equity Still Top of the Charts
share
The Las Vegas area has come a long way in the housing recovery with most homes for sale now being regular sales, not short sales, but we still have plenty of homeowners who are still in a negative equity position. Nevada topped all states with… more
Fall Picture Changing of the Leaves at Mount Charleston Nevada and…
share
I took this picture last weekend while up at the mountain. It is just a great time of year to visit the mountain and typically you can be up there in about an hour from the Las Vegas Valley, unless you live in the Northwest area then you will get up… more
Las Vegas Things to do Renaissance Festival at Sunset Park
share
Here is something to do this weekend in Las Vegas - Renaissance Festival Las Vegas Nevada Sunset Park October 10-12, 2014 Go to: http://lvrenfair. com for all the information Thanks to Clark County Parks and Recreation for the event and… more
Another Plus to living in Las Vegas - Visiting Mount Charleston
share
On the way up to Mount Charleston, Nevada over the weekend we saw something we have never seen --- A Stop light! It was due to the new road being constructed and traffic was down to one lane to share, but it was only a short wait and well… more
The Perks of a New Las Vegas Home
share
Wow! Now that is what I call an Awesome shower! This could be your new shower in your new home in Las Vegas! Also this is a great remodel idea for an existing home! If you are thinking of buying a new home in Vegas, remember to get with me… more
Homes For Sale in Southwest Las Vegas Terrace Homes For Sale in…
share
Here are some recent homes for sale in the Southern Terrace area as well as information on recent homes sold. If you would like to buy or sell in this area give me a call. This community has a community clubhouse, pool, gym, playground and walking… more
Las Vegas Homes For Sale Market Report September 2014
share
This is just a brief market snapshot for the Las Vegas area. If you would like to more detail as to what your home may sell for give me a call (702) 812-4550. There are about 8, 377 homes for sale in the Las Vegas area that do NOT have… more
Las Vegas Pool Homes for Sale in Las Vegas Nevada
share
Are you looking to buy a home in Las Vegas with a Pool? There are approx 152 pool homes in the Las Vegas area for sale that are between $200, 000 and $300, 000. These pool homes have a minimum of 3 bedrooms and 2 baths with a 2 car garage, a… more
Las Vegas Home Prices Appreciation Map 2014 by Zip Code
share
Here is a Las Vegas zip code map showing price appreciation for Las Vegas Home Prices from January to June Want to know what your home may sell for? Give me a call or email. Las Vegas Equity Sellers save Big $$$ List your… more
Las Vegas Short Sale Information - No Fee to List your Las Vegas Home…
share
Here is a basic Las Vegas short sale starter package to get ready for us to list your home for sale. What does a Seller Need to Provide to Complete a Short Sale? Documents A Seller Will Be Required To Provide For Short Sale 1. Authorization… more
Las Vegas Real Estate Market Report July 2014 - More homes on market
share
The amount Las Vegas homes for sale has increased a bit over the past month. There are about 7, 715 homes for sale in the Las Vegas area that do NOT have contracts on them as of this writing. The majority of the Las Vegas homes for sale are… more
Las Vegas to get an IKEA in Southwest Las Vegas Nevada!
share
Las Vegas to get an IKEA in Southwest Las Vegas Nevada! Well that is the breaking news today from Ikea and the news stations in town. So many in Las Vegas are so happy, but there is still a possible year wait for it! Here are some links to… more
Real Estate Markets with Large Increase of New Homes Sold Under $200k
share
The following markets have had some of the largest increases in the percentage of new homes sold under $200, 000 in the fourth quarter of 2013 and the first quarter of 2014: Jacksonville, N. C. : 11. 05% Huntsville, Ala. : 5. 94% Killeen-Temple… more
Hiking Around Las Vegas ~ Las Vegas New Homes Near Red Rock
share
This was just a short little hike on the west side of Las Vegas you can look one way down to the city and the other way out towards Red Rock Canyon. It is getting pretty hot now, so most hiking, even short ones should be done early in the day… more
It doesn't always pay the Buyer to take the Seller's Fridge
share
Thanks to Suzanne Strickler for this great blog on should a buyer take the Fridge? Buyers want the existing refrigerator included in the deal. Okay. Ask and you shall receive. BUT it's an older model. An older, energy consuming model… more
Mountains Edge – Las Vegas – Country in the Park
share
It should be a great day to enjoy the park and festival at Mountain’s Edge Park Las Vegas Saturday, May 10th • 2:00 pm – 8:00 pm - A daylong mustic festival with live music and activities for the whole family. Annual Country in the Park… more
~Las Vegas Housing Market Report May 2014
share
Las Vegas Housing Market Report May 2014 There are about 7, 1 00 homes for sale in the Las Vegas area that do NOT have contracts on them as of this writing. The majority of the homes now for sale are traditional sellers, but there approximately… more