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DRE License #01129557
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Western Heritage Enterprises
Family of Companies
Morro Bay Realty
Western Heritage Realty
San Luis Obispo County
Properties
Morro Bay Realty Rentals
Sales
805 Main Street
Morro Bay, CA 93442
(805) 772-7305
(805) 528-5900
(800) 842-SOLD (7653)
Fax (805) 772-8466
225 S. Ocean Ave.
Cayucos, CA 93430
(805) 995-1822
(800) 421-8549
(805) 995-9300
(877) 604-SOLD (7653)
Fax (805) 995-5090
Property Management
255
Morro Bay Blvd.
805 Main Street
Morro Bay, CA 93442
(805) 772-6414
(877) 792-RENT (7368)
Fax (805) 772-6412
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Tax on Forgiven Debt
Brought to you by the CALIFORNIA ASSOCIATION OF REALTORS®
NO MORE STATE TAX ON FORGIVEN DEBT
***Please contact your accountant or
attorney for how this statement effects you and any special
circumstances that may apply ****
"Qualified principal residence" indebtedness is defined as
debt incurred in acquiring, constructing, or substantially
improving a principal residence. It includes both first and
second trust deeds. It also includes a refinance loan to
the extent the funds were used to payoff a previous loan
that would have qualified.
The tax breaks apply to debts discharged from 2009 through
2012. Californians who have already filed their 2009 tax
returns may claim the exemption by filing a Form 540X
amendment.
Taxpayers who do not qualify for the above exemptions
(e.g., second home or rental property) may nevertheless be
exempt under other provisions. Most notably, taxpayers who
are bankrupt are exempt from debt relief income tax. Also,
taxpayers who are insolvent are exempt from debt relief
income tax to the extent their current liabilities exceed
current assets.
For more information about mortgage forgiveness tax
consequences, go to California Franchise Tax Board's
Mortgage Forgiveness Debt Relief Extended webpage and
the Internal Revenue Service's
Mortgage Forgiveness Debt Relief Act and Debt Cancellation webpage.
The full text of Senate Bill 401 is available at
www.leginfo.ca.gov.
C.A.R. provides REALTORS® with many legal articles covering
a wide range of topics of interest. Some of the new or
newly revised legal articles available at
http://qa.car.org/ are
as follows:
. Homebuyer
Tax Credit Chart 2010.
.
Internal Data Exchange (IDX).
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Our Simple Philosophy
"The
Service
you Deserve"
...Although this is our dream house,
I definitely would recommend Kathy (Taverner) to all of our friends & relatives,
and if by chance we decide to buy again, we would use her in a heartbeat...D.S.
It was a pleasure working with Sal.
His attention to detail, professionalism and preparing this transaction
moving in a timely manner was outstanding! Great working with you Sal.
S. F.
Kelly...is such a nice person and is
so good at her job. She was pleasant, efficient, and not afraid to be
direct when we needed her to be. I would, without a doubt, recommend her
to anyone looking to buy or sell real estate. J.H.
Leslie went above and beyond the
call of duty in taking care of me and my real estate needs. Thank You!
S. R.
Lee & Kathy did a great job for us.
It only took three years to find the house we wanted and they stuck it out until
we found the perfect home. D.Z.
Karen was wonderful! I felt
like a personal friend was looking out for me. Thank you. K.S.
Barbara was terrific, extremely
quick response, knows her stuff, does anything needed to get the job done.
Thanks loads!!! R.W.
Check Our Associates Pages for more
individual comments
You, Our Clients
are our most Important Resource.
Quality
Professional Service
is our Primary Business.
Let Our Knowledgeable Real Estate
Professionals be Your Trusted Advisor.
Join the CLIENTS who have made Us Their
Trusted Advisors in Real Estate since 1950.
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"We're
SOLD on the