shorts sale taxes

NO MORE CALIFORNIA STATE TAX ON FORGIVEN DEBT

NO MORE CALIFORNIA STATE TAX ON FORGIVEN DEBT I just received this notice from our California Association of Realtors Legal Department. I am not an accountant and you should verify all of this with your CPA or tax advisor. "Distressed homeowners no longer have to pay California state income tax on debt forgiven in a short sale, foreclosure, or loan modification.  Enacted into law yesterday, Senate Bill...

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