Comments on: Borrowers face risks in foreclosures, short sales http://www.northbaybusinessjournal.com/18146/borrowers-face-risks-in-foreclosures-short-sales/ Thu, 09 Feb 2012 03:33:25 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Sandy Wallace http://www.northbaybusinessjournal.com/18146/borrowers-face-risks-in-foreclosures-short-sales/comment-page-1/#comment-3987 Sandy Wallace Fri, 12 Feb 2010 19:57:20 +0000 http://www.northbaybusinessjournal.com/?p=18146#comment-3987 Sandy Wallace here Realtor in Santa Cruz, CA. I am glad that you explained that the seller has a choice in the beginning and that when they make that choice they can not change their minds. This is the paragraph that I found most helpful: "So the taxpayer must choose either to exclude the cancellation of debt completely, which results in reducing the benefits of the operating loss, capital loss, credit carryovers and basis, or simply to defer the income for five years and then recognize it. The situation for every taxpayer is likely to be very different, so looking at the related tax ramifications is key since the election is irrevocable, experts said." Thank you, Sandy Sandy Wallace here Realtor in Santa Cruz, CA. I am glad that you explained that the seller has a choice in the beginning and that when they make that choice they can not change their minds.

This is the paragraph that I found most helpful:
“So the taxpayer must choose either to exclude the cancellation of debt completely, which results in reducing the benefits of the operating loss, capital loss, credit carryovers and basis, or simply to defer the income for five years and then recognize it.

The situation for every taxpayer is likely to be very different, so looking at the related tax ramifications is key since the election is irrevocable, experts said.”

Thank you, Sandy

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