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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Nervous in CA Posted by ocbrad on August 28, 2008 at 8:22 PM In Reply to: Nervous in CA posted by Laurie on August 21, 2008 at 11:29 PM Hi Laurie, It's been awhile since I have been to the board...just stopping by and saw your post. You can get more information here...http://www.govtrack.us/congress/bill.xpd?bill=h110-3648 It appears that any debt acquired for purchase or capital improvements will be forgiven as long as the sale is prior to 2010. The shortage of the loan vs. sale price will not be taxed via a 1099 for federal taxes. I have done further research and have found that California may not relieve the income (loss amount). So a filing may be necessary for state taxes only. As long as you can prove that you lived in the house at least 6 months and a day for that final year before the sale, you should be fine. Everything is gonna be alright! Best, Brad Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Hi Laurie, : It's been awhile since I have been to the board...just stopping by and saw your post. You can get more information here...http://www.govtrack.us/congress/bill.xpd?bill=h110-3648 It appears that any debt acquired for purchase or capital improvements will be forgiven as long as the sale is prior to 2010. The shortage of the loan vs. sale price will not be taxed via a 1099 for federal taxes. I have done further research and have found that California may not relieve the income (loss amount). So a filing may be necessary for state taxes only. As long as you can prove that you lived in the house at least 6 months and a day for that final year before the sale, you should be fine. Everything is gonna be alright! : Best, : Brad [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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