Short Sale and Walking away from your home

It has been a tough time for many home owners. If you are one of the thousands that has had a short sale or just walked away from your home you could have serious tax concerns.

Please call our office to discuss how this will effect your 2008 tax return. Recent changes in the law can benefit you and should be considered before selling your home short.

Do not assume you will not owe any taxes on the short sale. If your realtor says do not worry you will not owe any taxes you should be concerned. Many unscrupulous Realtors out there have duped home owners and told them that they can walk away tax free. Consult your tax advisor before making any decisions.