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Eisrael Gomez Realtor - Monterey County Blog

Mortgage Forgiveness Debt Relief Act of 2007

December 21st, 2007 8:35 AM

Article from the California Association of Realtors Legal Department

President Bush signed into law yesterday a new measure giving tax breaks to homeowners who have mortgage debt forgiven. Under preexisting law, the debt forgiven by a lender, such as for short sales and refinances, was generally taxable to the borrower as debt discharge income. With the passage of the Mortgage Forgiveness Debt Relief Act of 2007, a taxpayer does not have to pay federal income tax on debt forgiven for a loan secured by a qualified principal residence.

This tax break applies to debts discharged from January 1, 2007 to December 31, 2009. Qualified principal residence indebtedness is debt incurred in acquiring, constructing, or substantially improving the residence (up to $2 million for refinances).

For purposes of calculating capital gains, any debts discharged excluded from income under the new law must be subtracted from the basis of the taxpayer's principal residence (but not below zero). However, taxpayers may generally exclude from capital gains income up to $250,000 (or $500,000 for married couples filing jointly) for properties owned and used as their principal residence for at least two of the last five years.

For a copy of the Mortgage Forgiveness Debt Relief Act of 2007, go to http://www.govtrack.us/congress/bill.xpd?bill=h110-3648.

You should always consult a CPA or a tax attorney regarding tax issues and how they will effect you. The above law and article may lead to more homes being sold as a short sale. If you or someone you know has questions regarding wether a short sale is right for you. Please contact me. My consultation is FREE.

There are many persons charging for the service to negotiate a short sale for your bank. Let my CPA and attorney team work for you and let you know if a short sale is right for you!! Consultation is FREE.

Eisrael Gomez

(831) 809-8266

Posted by Eisrael Gomez on December 21st, 2007 8:35 AMPost a Comment (0)

November 2007 Single Family Home Sales Statistics

December 25th, 2007 12:35 AM

NOVEMBER 2007 Statistics for Single Family Home Sales in Monterey County, CA

*CITY/AREA*	*INVENTORY*	*CLOSED SALES*	*AVERAGE DAYS ON MARKET*	*AVERAGE SALES PRICE*	*REO's*
Carmel	159	13	166	1,970,203	2
Carmel Valley	101	7	96	1,413,928	1
East Salinas	164	2	128	232,500	6
Marina	113	5	71	550,980	2
Monterey	90	6	71	928,166	0
North County	257	6	135	599,166	8
North Salinas	524	10	90	417,250	33
Pacific Grove	85	6	83	736,833	1
Pebble Beach	91	8	103	2,252,812	1
Hwy 68 Corridor	151	5	117	1,214,800	0
Seaside/Sand City	168	5	81	647,600	3
South Coast	47	0	0	0	0
South Monterey Cnty	467	13	110	556,501	25
South Salinas	202	10	90	477,750	6
Summary	2619	96	106	998,271	88

COURTESY OF REINFOLINK

Posted by Eisrael Gomez on December 25th, 2007 12:35 AMPost a Comment (0)

Goals

December 24th, 2007 6:05 AM

"A goal without a plan is just a wish."

Antoine de Saint-Exupery (1900 - 1944)

Ready to discuss your Monterey County Real Estate goals? Wether you are buying, selling, just have questions or need a list of homes in your area emailed to you. Feel free to call or e-mail any time!

Eisrael Gomez

(831) 809-8266

Posted by Eisrael Gomez on December 24th, 2007 6:05 AMPost a Comment (0)