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Just so you know, we are not going to attempt to explain the variances between the legal side and tax/IRS during a short sale or foreclosure [link widoczny dla zalogowanych] in this article.. There are simply too many variables to cover, and we are not lawyers or tax professionals. That said , below are a few things both Eric and Scott discussed in the debate we would like to pass on.
Phoenix Short Sales Expert focuses on [link widoczny dla zalogowanych] Short Sales in the Phoenix AZ metro areas. Reasons for short sales include nominal credit damage, capability to get a future mortgage, employment factors, avoiding foreclosure and low tax liability. We will help you with your Short Sale today!Phoenix Short Sales Specialist 2 N Central Ave 720
Phoenix, AZ 85004
(480) 648-4929
If going into foreclosure, plenty will benefit by having an assessment performed before the trustee sale.
You may be asking yourself how much consultation cost. We cannot talk for all lawyers and tax executives, [link widoczny dla zalogowanych] yet Scott and Eric shared their charges with us.
Mack, Drucker and Watson will sit with you, go over your situation and offer options for a mere $250.00. The folds at Dobbins Financial will review your circumstances and offer information for $195.00. So, for only $500.00 you can be educated BEFORE deciding. To us that's inexpensive insurance.
If you are considering bankruptcy together with a foreclosure or short sale, ensure and work with a great bankruptcy [link widoczny dla zalogowanych] solicitor and tax [link widoczny dla zalogowanych] professional before doing anything. If you [link widoczny dla zalogowanych] do things in the wrong order you may find yourself at risk.
Short sales frequently offer more protection to the homeowner than a foreclosure. This isn't an absolute though and will [link widoczny dla zalogowanych] be explored by consulting both a tax and legal pro.
There is simply no way most householders can proceed with a short sale or foreclosure on there own. The IRS tax code is miles long and the legal side of the equation is a moving target based mostly on new rulings and changing laws. Your long term safely and contentment is worth about a hundred USD.
A Crucial NOTE: Quality guidance is the result of good information. Make sure you gather any and all loan documents and financial statements before meeting with your legal and tax counsel. We’ve read about people who neglected to mention they had refinanced their home or taken cash out in a home equity line and found themselves in dire straights later.
There's much bafflement about the legal and tax implications of either a short sale or foreclosure. We’ve taken well over 100 hours of continuing education and specialty conventions covering short sales/foreclosure and each time we [link widoczny dla zalogowanych] leave more informed, yet daunted by the complexities involved. The key area of confusion is the most important difference between the legal and tax consequences. It is simply like night and day.
If you have done a short sale and received a 1099 from the lender, don’t ignore it. Search for a qualified tax pro to insure it is reported properly to the IRS.
The Arizona Anti-Deficiency laws don't always protect a homeowner from IRS liabilities during a short sale or foreclosure. The anti-deficiency laws offer legal protection in categorical circumstances, yet may not guard against an IRS need.
CONCLUSIONS ABOUT SEEKING LEGAL AND TAX INFORMATION Before A SHORT SALE OR FORECLOUSRE:
Bankruptcy is an IRS protection mechanism some might benefit using in conjunction with a short sale [link widoczny dla zalogowanych] or foreclosure. But you've got to [link widoczny dla zalogowanych] create a really powerful and proper paper trail.
We hosted a short sale and foreclosure panel discussion yesterday. The panel members included Scott Drucker, a short sale/real-estate solicitor from Mack, Drucker and Watson, Eric Viavattene, a wickedly smart CPA from Dobbins Fiscal and Gerry Russell, the managing broker with Realty Middle management [link widoczny dla zalogowanych] Phoenix. Once again we were reminded how important it is to find BOTH legal and tax advice when thinking about a short sale or foreclosure in Phoenix, AZ. Yes, we did the bold face thing. We really do mean this.
This is merely a short list of the many things that came up during the 1.5 hour panel debate. The base line reminder [link widoczny dla zalogowanych] to us as Realtors is simple: Strongly advise our customers to find professional counsel. This has traditionally been our policy, yet it is great to be reminded.
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