Has your real estate agent in Phoenix told you about the Mortgage Forgiveness Debt Relief Act yet? If not, we’d like to tell you a little bit about it today because of the benefits it has to offer homeowners that are selling their home via short sale on the real estate market in Phoenix. If you have further questions about the MFDRA after reading through this article, we suggest you ask your real estate agent in Phoenix, or if you have yet to choose one, we’d like to suggest Wells Realty and Law Groups.
The MFDRA provides tax relief to homeowners that sell their home via short sale on the real estate market in Phoenix and throughout the country. When you complete a short sale on your home, you are typically required to pay taxes on the forgiven amount. With the MFRDA, all homeowners that complete a short sale on their primary residence and the forgiven amount falls within certain guidelines are exempt from paying taxes. This is important because it could potentially save you hundreds of dollars at tax time next year. It’s also important to note that your short sale must be closed before the end of the year to qualify for this tax relief, so if you have yet to begin the short sale process you need to contact a real estate agent in Phoenix as quickly as possible.
To learn more about the fine print of the Mortgage Forgiveness Debt Relief Act and to see if you qualify, contact one of the most experienced real estate teams in Phoenix, Wells Realty and Law Groups. Not only can they give you information and advice about the MFDRA, they can also inform you of other legal ramifications that go hand-in-hand with selling your home via short sale on the real estate market in Phoenix.