Hello My Beautiful Wonderful Bay Area!! Happy Sunday to you… Summer is here, the sun is out, the days are longer, the kids are out of school, lots of great activities swirling all around our Beautiful Bay Area… and the nagging question remains… just what are you going to do with that old frig… its old and ugly, but still works but its costing you up to $100 or more a year for electricity… what to do… what to do… there’s plenty of folks not happy with PG&E’s “smart meter“.. in fact there’s quite an uproar going on currently about the effectiveness of this program… I’m sure it will get ironed out in some way in the not too distant future… HOWEVER… did you know PG&E has an “appliance recycling program”?… They will actually come and pick up your old refrigerator for FREE, Recycle it and PAY YOU $35.00… if you recycle an old air conditioner at the same time you’ll receive an extra $25.00… Find out more and Schedule a Pick Up at…
http://bit.ly/c8jIjy
Sounds like this will not only help you, but help the environment and help someone else as well… whats not to like??… Go ahead be kind and nice… Make Someone’s Day… share this info with your family, friends and neighbors…
Happy Sunday & Cheers Everyone…
Thanks for checking in…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay!
Greetings My Wonderful Beautiful Bay Area!!… Today I want to revisit what can happen to you if you enter into a Short Sale or if the Bank Forecloses on your property and sells it.
There is NO FREE LUNCH when it comes to the IRS… whenever your home is sold… whether by regular conventional means or if you sold your home at a loss and you paid the difference or by short sale approved by the Bank or involuntarily by foreclosure… be warned you may be subject to taxes!
It doesn’t seem fair and what’s worse… you may not even find out that you owe taxes until the day you open your mail and find a 1099.
The IRS has tax rules for foreclosures or repossessions by lenders of homes belonging to owners who have fallen behind on their mortgage payments. There can be severe and unexpected tax consequences for any owner who simply walks away just because he or she has little or no equity and the lender takes over and sells the property. When a mortgaged property is foreclosed or repossessed and the bank re-acquires it or the bank knows the owner abandoned the property… the bank will send Form 1099 to the owner and the IRS… it will include the foreclosed bid price, the actual debt (loan) amount and the amount short of the debt amount… that amount will be taxed as ordinary income… the same as for your salary.
Sellers of residences acquired within the past two years or so are going to incur losses. Even assuming no price declines, losses will result because of expenses for real estate brokers, lawyers and the like. Sellers will not be able to deduct those losses… it makes no difference that they are forced to sell because of ie)… job changes or health reasons.
** There’s also information floating around that Banks where distressed properties have overtaken the area in certain markets…are taking steps where even after they approve and close a property for short sale… they will be actively tracking the owner of that short saled property over the next 6 years… during that time if their credit rating goes up and if they attempt to purchase another home they will be pursuing them for the “short amount” they lost when they approved that person’s short sale 6 years prior… This bit of information is not fact – as of yet here in California… yet people… Everyone please do everything you can to protect yourselves BEFORE A FORECLOSURE OR SELLING… PLAN AHEAD… especially before attempting to sell on a short sale or going through a foreclosure… please get legal and tax advice… do the planning BEFORE ITS TOO LATE!!…
Thanks for checking in…
Isi
Isi Wu… the realtor for you
Serving Clients All Over the Eastbay!
