Wildomar Short Sellers not subject to state income tax liability on debt forgiveness
The good news just keeps coming: As we anticipated, C.A.R. today received a letter from the California Franchise Tax Board (FTB),obtained by the State Board of Equalization, 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 [...]