Governor Schwarzenegger signed into law today, a provision that would waive state taxes on the shortfall of homes that are sold as short sales or foreclosures. This now emulates the law from Federal government, making these “gains” tax exempt. Previously, when an homeowner was forced to sell his or her property for less than what they owed, the difference was considered taxable income. This is welcome relief for tens of thousands of people who have found themselves in a difficult financial position.
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CA Gov Signs Tax Break for Short Sales
April 8, 2010
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