California Distressed Homeowners Debt Tax Forgiveness - WHO Qualifies ?

If you are a Californian who went through a ShortSale, Foreclosure or Loan Modification, the State of California yesterday passed the long Mortgage Forgiveness Debt Relief legislation .

Who and What Qualifies For The California Mortgage Forgiveness Tax Relief ?

  •  Debt can be forgiven by the State of California up to $500,000 for taxpayers who file as married/registered domestic partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately.
  • Your total indebtedness limit is $800,000 for taxpayers who file as married/registered domestic     partners (RDP) filing jointly, single, head of household, or widow/widower, and to $400,000 for taxpayers who file as married/RDP filing separately.
  • The debt must be secured by a Qualified Principal Residence.
  • The debt can include 1st & second mortgages.
  • The indebtedness incurred in acquiring the property, in constructing the property or by substantially improving the property.
  • The Tax exemption is for debts discharged between January 1, 2009 and December 31, 2012.
  • For those who already filed their Taxes for 2009 , you can file form 540X (amendment) and claim your exemption.




California Mortgage Debt Relief

The Federal Mortgage Relief Act

Brought to you by
Abraham Baghbodorian

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