I blogged about the tax implications on foreclosures a few days ago. For those of us out here in the West (Arizona, Nevada, California), we’ve been hearing about the foreclosure process, Deed-in-Lieu (DIL) process, loan modifications and short sales for almost 2 years now.
There is a whole new part of the country starting to experience the same trend. If you’d like to learn more about the process and how to protect yourself, please go to Ed Winters Teleseminar for 30 minutes of strategies and information you can use right now.
The interview with Ed Winters was part of my monthly FREE! Teleseminar series. Register here on the TaxLoopholes site to make sure you get first crack at reserving your spot for the teleseminars. The 500 spots always fill up within 24 hours, and often within 2-3 hours. So keep watch!
Some of the buzz words that you’ll need to know: Estoppel (lender can’t come back and claim you owe on the upside down property), Form 1099-A (statement lender gives you when they receive property), Form 1099-C (shows debt forgiveness) and Form 982 (your ‘get out of jail free’ card for tax you might owe on the transaction.)
There is a lot to the process. And there are a lot of decisions to be made. Protect your interests and your family in this critical time with good, solid information.