On Wednesday, December 4, the Franchise Tax Board followed the IRS’s lead in announcing that it will not impose a tax penalty on taxpayers who sell their home for less than is owed, commonly referred to as a “short sale”. The determination means California taxpayers will not have to claim income on the difference between the amount owed on a home and the sale price (the amount of debt forgiven by the approval of the sale) on their 2013 state or federal income tax returns. For more information, see the statement by the California Association of Realtors posted by Reuters news here http://www.reuters.com/article/2013/12/04/ca-assoc-realtor-irs-ftb-idUSnBw046476a+100+BSW20131204
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California Offers Tax Relief on Short Sales
On Behalf of Law Office of Williams & Associates, P.C. | Dec 5, 2013 | FTB, IRS |
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