We are a local CPA firm and we assist homeowners going through foreclosures and short sales. Please call us at 480-626-8043.
Phoenix-Mesa, AZ (1888PressRelease) June 09, 2009 - As a result of the real estate market in the Chandler area, many homeowners are facing difficult decisions. They find themselves owing much more on their homes than they are worth and must examine all of their options. Taxpayers may have significant tax consequences as a result of a foreclosure or a short sale.
“The situation has become troublesome for many people. Their homes were viewed as their biggest investment and now it feels as though everything has come crashing down on them,” said Paul B. Sundin, CPA. “As a result, they must try to understand the tax ramifications they may be facing and determine if there is any assistance for them under the tax code.”
“Many homeowners will find that tax relief exists for them, but only under certain situations. If they don’t find relief under the qualified principal residence exclusion, they may determine that they are insolvent. Insolvency can be challenging to calculate even for financially sophisticated taxpayers. You must make sure that you seek the help of a CPA or other qualified tax professional in the Chandler area.”
If you are going through a short sale or a foreclosure, you will most likely receive a 1099-A or 1099-C at the end of the year. You should carefully review any 1099 you receive and make sure to notify the lender if any of the information shown is incomplete or incorrect. You should also review your 1099s with a qualified CPA or other tax professional to determine any tax consequences.
Paul B. Sundin is a CPA in the Chandler, Arizona area. He provides assistance to taxpayers going through foreclosures or short sales. Specifically, he can help you with:
• Analyzing your 1099s for errors and/or inconsistencies;
• Calculating any gain or loss (if applicable) from the sale of the property;
• Determining whether or not you meet the debt cancellation exclusions;
• Calculating insolvency as of the debt cancellation date (if applicable); and
• Completing the required income tax schedules and forms.
He also provides tax preparation and tax planning for individuals and business owners. Please see his website at www.sundincpa.com or you can contact him at 480-626-8043. He is a CPA and he serves the community of Chandler Arizona.
This release is solely intended for informational purposes and is not intended to be tax or legal advice. You should contact a CPA or other tax or legal professional to discuss your situation. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. Chandler AZ CPA.