Pat A Kimmer, CPA P.C.

Pat A Kimmer, CPA P.C.




Tax Planning for Short Sales and Foreclosures

TAX PLANNING FOR SHORT SELLING, FORECLOSURES, BANKRUPTCY AND CANCELLATION OF DEBT ISSUES

Even though the economy has improved in the last few years, there are still homeowners facing mortgages that exceed their current value or original purchase price.  Many individuals, particularly those that have lost their jobs, moved, or who are going through a divorce or just lost a spouse's income either from sickness or death, are facing some difficult decisions.  Do they let the bank(s) take their house through foreclosure, should they file for bankruptcy or sell their house and get out from underneath debt they can no longer service?  Let us help guide you through these issues and find the option that may be the best route to take given your specific circumstances.  A personal evaluation is necessary as everyone's situation is different.  What might be right for your neighbor or friend might not be the best course for you.