So I recently read that the real estate tax laws are changing as of Jan. 1st 2013 for those folks whos primary residence is sold through a short sale or foreclosure. They will now be charged according to their tax bracket, federal taxes on the amount that the bank forgives. Source: Hartford Courant sunday edition. Does that mean more motivated sellers to avoid losing their homes through the bank process??
Hi,
This is not a change under the law, however we have been under a moratorium that expires unless extended further at the end of 2012!
GR