Investor Report: Short Sale Opportunities, an article from RealtyTimes.com, reports that Congress passed long-awaited legislation to prohibit the IRS from demanding income tax payments from home sellers whose lenders write off a portion of the outstanding debt balance owed on the loan. The legislation should relieve fears among financially-stressed home owners that participating in a short sale will leave them exposed to heavy taxes the following year. Now that the tax burden is out of the way until at least 2010, investors and Realtors should encounter one less objection by home sellers to participating in a short sale.
http://realtytimes.com/rtpages/20071...storreport.htm
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