A blog dedicated to the real estate market in Fort Myers, Cape Coral, Lehigh Acres and all of Lee County and Southwest Florida. We'll go behind the scenes to get you the news you wouldn't ordinarily get. Directly from Top agents to You without the middle man.
Friday, January 13, 2012
Tax Changes Coming Could Affect Sales in SW Florida
Did you know that beginning January 1, 2013 the IRS will begin taxing forgiven debt on short sales and foreclosures as taxable income? They will. This is how it used to be, but in 2007 the Mortgage Relief Act alleviated this for sales of primary residences.