The good and the bad

[firmechicano831]

I haven't really been on the forum the last two days due to being very busy. I finally sold my home in north Cali and took a huge hit which I hopefully won't have to pay alot of taxes on. I purchased a home for 781k and sold it for 530k. The bank took a hit of over 250k to sell the home. I really didn't have an option since the market went down and bank owned properties were selling for 550k exactly like mine. Also having to pay $4,100 plus taxes and insurance a month was killing me. I'm just happy I'm done with it. Today once I get the call that the property recorded will be one of the happiest days of my life.
The bad, someone broke into my house when I was moving and took my 50" panasonic plasma and some expensive wine and sweaters. I believe it's some wanna be ganstas by the area. It's a great neighborhood but you always have a group of people that ****s things up for the rest of us. The sweeaters were unique and expensive so when I see it on one of them they will be teeth less . Just had to tell everyone whats been going on. I hope everyone has a wonderful day. Just got back from the gym and ready to start my day and roll to my office.

[jojo2002]

Don't know if your realtor told you but pus signed a mortgage forgiveness debt relief act of 2007. Which amends the Internal Revenue Code of 1986 in several ways and covers the issue of forgiven mortgage debt. So previously, a homeowner who lost thier property to foreclosure or sold thier property for less than the mortgage amount could be taxed on the amount of the mortgage that was forgiven by the lender (difference between what you bought it and sold it) A 1099-C statement of conceled debt was issued by the mortgage company to the IRS for the amount loss. The IRS then considered that canceled debt to be income for the home seller. So you dont have to pay taxes on it if you qualify see list below.
* Only applies to mortgage debt forgiven between Jan 01, 07 - Jan 1, 2010.
* Only applies to the mortgage used to buy the home ( not lines of credit)
* Only applies when the home loses value or the owners financial condition qualifies
* The home must be the principal residence, not a second home or rental property.

Also in California the Senate Bill 1055 has been introduced and if passed, this bill will amend the Revenue and taxation Code to conform with specified provisions of FMDRA of 2007.

Hope this helps! P.S also a "really" good account makes it all go away...

[firmechicano831]

thanks for all the great info. It was my primary residence and it was due to my financial situation. I think the bill is the H.R. 3648.