Ask The Expert - Short Sale Loss

by Lee Reams in Mortgage

Question: Can I take a $3000 capital loss deduction on a property I sold through short sale? The Original Cost is $165K, the bank forgave $90K in 2010, I kept the lot and in 2013, sold for $67K. Read More

Sales Tax on Home Sales Rumor

by Lee Reams in Mortgage

A rumor has been circulating for some time that home sales will be subject to a 3.8% federal sales tax beginning in 2013. Like most rumors, it has been initiated by someone who doesn't have all the facts – in this case, someone who does not understand taxes. Unfortunately, the misinformation has been perpetuated through our modern means of communication. Read More