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Schwarzenegger to sign Short Sale law

by sfishome on April 10, 2010

Back on March 18th I wrote of Schwarzenegger refusing to provide tax relief to Californian’s who sold their homes “short”.

Now the Governator says he’ll sign the tax relief law. Basically this means you will not have to pay taxes on “phantom income” as reported to the IRS by the lender who “forgave” the amount the home seller was “short”.

If you sold your home “short” recently, talk to your CPA about this soon to be California law.

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