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Congress Needs to Extend the Mortgage Forgiveness Debt Relief Act Before it is Too Late

Unless a key law is extended by the end of the year, anyone who conducts a short sale after the end of 2012 may be subject to tax liabilities on the forgiven mortgage debt.

By Toby Tobin

Palm Coast, FL – April 2, 2012


Those who are considering a short sale may want to do it sooner rather than later.  Unless a key law is extended by the end of the year, anyone who conducts a short sale after the end of 2012 may be subject to tax liabilities on the forgiven mortgage debt.

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Don "Toby" Tobin is a licensed real estate professional affiliated with Watson Realty Corp. Toby is a member of the Flagler County Association of Realtors®, the Florida Association of Realtors, Enterprise Flagler, Flagler Home Builders Association, and the National Association of Realtors.

GoToby.com proivdes real estate news, commentary, and analysis for Palm Coast and Flagler Country Florida, as well as Realtor® referrals and consultation to buyers, sellers, and developers.