Foreclosure Tax Break Headed for Extension

Our column from the Riverside Press-Enterprise, Dec. 13, 2014: The House of Representatives late last week approved a one-year extension of a bill that would shield distressed homeowners from paying massive tax bills after a short sale, foreclosure or loan modification. The U.S. Senate was scheduled to consider the bill late this week before recessing Dec. 11 for the holidays. If both chambers approve the tax-extender bill, it would then move to President Obama for a ratifying signature. ...

Foreclosure, Loan Mod Tax Breaks Still Mired in Politics

Our column from the Riverside Press-Enterprise, Oct. 25, 2014: As November elections approach, Californians facing foreclosure or working on loan modifications anxiously wait to see if they will face massive tax bills. Lawmakers, who failed to extend the federal Mortgage Forgiveness Debt Relief Act at the end of last year, remain head-down in politics and focused on control of their legislative bodies. Meanwhile, tax break extension bills have been sitting in committees for months. Today, for Californians, only short sales are protected from hefty tax bills, shielded by different legislation that does not expire. ...