Im surfing the internet when I came across your site.I am one of those
people who bought several properties during the housing boom.
I have 3 properties:
Property 1: It was the first property I bought in October 2000.
In 2004 I took money out from this property plus my savings and bought 2 more.
Property 2: I moved to this property in May 2004 and made it as my
primary residence.
Property1:This became a rental property
Property 3:This has been a rental property from the beginning.
In May 2007 I moved back to Property 1 and make it as my primary
residence.I decided to put it up for sale but it has been in the
market now for about 5 months and I did get
any offer at all.I already lowered the price to the amount I'll just
break even with the amount I owe.
Question 1.If I sell this property(primary residence-i live here 2
years of the last 5 yrs) through short sale (sometime this day before
the HR3648 is signed)and the bank forgave me for the short,will I
qualify for HR 3648? I read on (http://www.house.gov/jct/x-86-07.pdf )
it will be effective January 1,2007,thus it mean those who had
foreclosure/short sale after January 1,2007 can avail this tax relief?
Question2. My Property 3 which have been a rental property from the
very beginning.I bought this for 413000 it is now worth 325000.I owe
348000 and growing (I have ARM I can only afford to pay the
minimum.What will happen if I go into foreclosure or short sale for
this investment property?Can I still deduct my capital loss from my
income?
I hope you'll have time to answer my querries.Thank you very much.
Sincerely,
Triatron Of California
people who bought several properties during the housing boom.
I have 3 properties:
Property 1: It was the first property I bought in October 2000.
In 2004 I took money out from this property plus my savings and bought 2 more.
Property 2: I moved to this property in May 2004 and made it as my
primary residence.
Property1:This became a rental property
Property 3:This has been a rental property from the beginning.
In May 2007 I moved back to Property 1 and make it as my primary
residence.I decided to put it up for sale but it has been in the
market now for about 5 months and I did get
any offer at all.I already lowered the price to the amount I'll just
break even with the amount I owe.
Question 1.If I sell this property(primary residence-i live here 2
years of the last 5 yrs) through short sale (sometime this day before
the HR3648 is signed)and the bank forgave me for the short,will I
qualify for HR 3648? I read on (http://www.house.gov/jct/x-86-07.pdf )
it will be effective January 1,2007,thus it mean those who had
foreclosure/short sale after January 1,2007 can avail this tax relief?
Question2. My Property 3 which have been a rental property from the
very beginning.I bought this for 413000 it is now worth 325000.I owe
348000 and growing (I have ARM I can only afford to pay the
minimum.What will happen if I go into foreclosure or short sale for
this investment property?Can I still deduct my capital loss from my
income?
I hope you'll have time to answer my querries.Thank you very much.
Sincerely,
Triatron Of California
