California Distressed Home Sellers Not Liable for Federal, State Income Tax on Short Sales
Courtesy of www.car.orgC.A.R. announced today it received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness "phantom income" they never received in a short sale. Last month, in a letter Continue Reading