Helping You Understand the Tax Consequences of Foreclosure
A few years ago, many individuals bought property in California, and throughout the United States due to a favorable real estate market. Unfortunately, many of these individuals are now facing insolvency and possible foreclosure on their property. Attorney Lawrence L. Szabo can meet with individual homeowners, investors and developers to explain the tax consequences of foreclosure and guide them on the path toward debt relief.
Contact the Law Office of Lawrence L. Szabo, in Oakland, California, to speak with an experienced lawyer about the financial impact of foreclosure. Your initial consultation is free of charge.
Tax and Foreclosure: A Complicated Issue
Under the Mortgage Forgiveness Debt Relief Act of 2007, federal taxpayers are able to exclude certain discharges of debt on their primary residence from their taxes. This "discharge of debt" includes debt reduced through foreclosure and debt reduced through mortgage restructuring.
Please note, the Mortgage Forgiveness Debt Relief Act only applies to debt forgiven in 2007-2009. According to the IRS, the debt in question must have been used to "buy, build or substantially improve the taxpayer's principal residence and must have been secured by that residence."
Understanding the tax consequences of foreclosure can prove to be very difficult as federal tax laws are complex and constantly evolving. Our lawyer, Lawrence L. Szabo, will explain the tax consequences of foreclosure in clear and concise terms. Rest assured, he will always take the time to answer your questions and address your concerns.
Contact Us
The Law Office of Lawrence L. Szabo has been representing clients in foreclosure and bankruptcy law matters for more than 25 years. To speak with an experienced and highly skilled attorney during a free consultation, please contact us online or call 510-834-4893.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
