Lenders can't 1099 homeowners on their principal residence
You can find great local Pleasanton, California real estate information on Localism.com Mike Jackson is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.
George Bush signed a very important measure for homeowners on December 20th ,2007 who have had mortgage debt forgiven via Short Sale and refinances. Basically the lender would normally 1099 the seller for the loss and this would be taxable income to the seller. Now with the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer will not have to pay federal income tax on debt forgiven by a lender of a homeowners principal residence.
For a copy of the Mortgage Forgiveness Debt Relief Act of 2007 , log onto http://www.govtrack.us/congress/bill.xpd?bill=h110-3648
For a list of my short sale listings log onto www.jacksonloans.net
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Reader Feedback
NorthShoreFunding
You're a very helpful man Mike. Helping thru the providing information I believe is a very powerful tool, specially for matters concerning money and loans, or any related subject . Take this from a New York hard money lender ;0).
Posted June 05, 2009
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Posted October 07, 2008
KimGiancaterino wrote...
Good information! This is sure in the news a lot lately.
Posted June 24, 2008
chloecavanaugh wrote...
Very informative, and helpful.
Gotta give ya high fives on this one!
~Chloe
Posted June 22, 2008
Brassoo78 wrote...
Great lens. Awesome information. Thanks for sharing the information. The 1031 Exchange allows one to sell one property and purchase another within a set period without taxes or profit. A similar informative site about 1031 Exchange on IRS Please step into this site to surf more information about 1031 Deferred Exchange, 1031 Exchange Companies, 1031 Exchange Form and many more facilities provided by 1031 Exchange.
Posted May 11, 2008
Bacony wrote...
Wow its really awesome lens regarding mortgage information. Its hepls everyone in differnt ways. You may also go through 1031 exchange law from where you will get wide knowledhe of saving taxes.
Posted April 16, 2008
Aice wrote...
You also got a very interesting topic here ^_^
I'm giving you 5 stars
thanks for the credit
Posted April 09, 2008
LillianSmith25 wrote...
A very informative article! Definitely worth five stars! Another way to ease real estate tax burdens is through a 1031 exchange, which permits the exchange of like properties without the need to pay immediate taxes. Please visit this resource on 1031 real estate exchange to learn more.
Posted April 03, 2008
mayankgupta1221 wrote...
Hi, Nice Work...thanks for the information on Mortgage Forgiveness. Checkout my lens on
Posted March 05, 2008
mayankgupta1221 wrote...
Hi, Nice Work...thanks for the information on Mortgage Forgiveness. Checkout my lens on
Posted March 05, 2008
CurlyQ05 wrote...
thanks 4 the *****!!! i like ur lens a lot too!! it must be real hard 2 handle all those lenses! five stars!!!!!!!!!!*****
Posted February 26, 2008
CurlyQ05 wrote...
thanks 4 the *****!!! i like ur lens a lot too!! it must be real hard 2 handle all those lenses! five stars!!!!!!!!!!*****
Posted February 26, 2008
CurlyQ05 wrote...
thanks 4 the *****!!! i like ur lens a lot too!! it must be real hard 2 handle all those lenses! five stars!!!!!!!!!!*****
Posted February 26, 2008
merriweather wrote...
Another lens with great information! Ppeople miss out on this stuff when it happens, the word never gets to them...
Posted February 16, 2008
ollan wrote...
Hey Mike! I never knew about the Mortgage Forgiveness Debt Relief Act of 2007. Thanks for the enlightenment! Thanks also for visiting my page. One quick suggestion: move your guest book to the end of your page!
Regards, Ollan
Posted February 08, 2008
lptx82 wrote...
Thanks for the comment on my Renters Insurance page - you have some very informative lenses yourself!
Posted February 06, 2008
steveffeo wrote...
Thank you for the comment Mike, dont forget to add those title tags.
Posted January 28, 2008
jasljohns wrote...
Mike, you have done a great service by contributing to the information about this important legislation. Keep up the good work.
Posted January 26, 2008
Shar wrote...
Thanks for your visit to my lens "Fashion Trends - Fall and Winter 2007-2008 Must Haves " I found your lens fascinating... 5 stars for this one! Shar
Posted January 16, 2008
Shar wrote...
Thanks for your visit to my lens "Fashion Trends - Fall and Winter 2007-2008 Must Haves " I found your lens fascinating... 5 stars for this one! Shar
Posted January 16, 2008
Realhelpinforeclosure wrote
Thanks Mike good work on your side too
Posted January 14, 2008
Mortgage-Advice wrote...
Super lens you've got here! 5 Stars! Vote for Your Lens on Mortgage Advice.
Posted January 13, 2008
Vishenda wrote...
hey there! you have a useful lens out here mister
keep it up!
Posted January 10, 2008
American_CyberSpace wrote...
Lots of great info in this lens. I've given it 5 stars. Stop by my Prime Rate lens when you have a chance. Thanks.
Posted January 08, 2008
Anthony wrote
Great lens you've got here, people need good information about Mortgages without it they will not save money.
Posted January 08, 2008
Aika wrote...
amazing lens, very helpful and informative. Please do check my lens too, thanks!
Posted January 07, 2008
financegirls wrote...
more great infos here. Thank you and happy new year!
I have some resources on my site about Bad Credit Credit Cards, hope you could check it out sometimes. :)
Posted January 01, 2008
MagiesPlace.info wrote...
Important information for many people.. Thanks and Have a very successful and happy new year...
Posted December 29, 2007
LuckyCharm1558 wrote...
RealtorMJ, Thank you so much! Do you think you can reccomend my page to some of the people you know on Squidoo? Please and thank you! =o)
Posted December 25, 2007
by ShortSaleRealtor
I was born and raised in Oakland California. I have always wanted to be a major league baseball player. Four surgeries later I found myself working a...
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