On this show I discuss several issues: I talk with Registered Tax Preparer Manuel Alvarez the tax consequences of a short sale and foreclosure. I also discuss the current real estate market conditions, some credit tips and more. I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each. As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option. Hard to get everything in a show and many times there are things that I think to myself, “I forgot to say this or that!” By watching this episode hopefully you will get some good information from it if you are involved in a short sale as a homeowner or a real estate or mortgage practitioner.
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I would also like to add that every situation is different and some people may not be able to take advantage of a tax free sale in a short sale or foreclosure. You have to take into consideration whether the existing loan is a recourse loan (loan that has been refinanced) or a non-recourse loan (loan that is the original purchase deed) as there are also different consequences for each.
As always, consult with a qualified CPA prior to making your decision on whether a short sale or foreclosure is your best option.
Hard to get everything in a show and many times there are things that I think to myself, “I forgot to say this or that!”
Thanks for watching. Looking forward to your replies, comments and suggestions.
Robert Aldana www.LetsTalkRealEstate.com robert@letstalkrealestate.com
Duration : 0:10:0