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 The United States House of Representatives extended the income tax exemption on mortgage debt forgiven in a short sale or a workout for principal residences. 

This legislation protects homeowners who completed a short sale or a workout in 2014 from debt cancellation tax being levied by the Internal Revenue Service.
The good news for our short sale clients is the tax law provides that the forgiven debt from the discharge of mortgage debt on a personal residence is excluded from gross income and therefore not taxable. The relief is effective retroactive to Jan. 1, 2014.
 
The not as good news is that it expires again in just a few weeks, on Dec. 31, 2014 and distressed homeowners considering a short sale in 2015 will again face the uncertainty of the extension of tax relief.  We remain hopeful that it will be extended through 2015 before next December.
 
We will keep you updated in regard to this matter in the upcoming months. 

If you have questions feel free to call attorney, Renee Roman at

Why I Snuck Away...

by Toril

Last Wednesday, amongst the hustle and bustle of handing out pies to my "Favorite Peeps"*, we had two buyers close on their homes and were able to get keys right before Thanksgiving...we also successfully launched two homes live and on the market!

On Thursday, Thanksgiving Day, I hosted my grandmother's traditional "Biscuits and Gravy Breakfast", then spent the rest of the day with friends and family remembering all we were thankful for. I snuck away for a quick minute to check my email and realized in my inbox that we had registered showings...ON Thanksgiving!!! To make things even better, we had even more showings on Black Friday, the following Snowy Saturday and Freezing Football Sunday... and we are scheduled to close five more transactions this week alone.

I know you're thinking, "Okay Toril, where are you going with this?"...

My point is, to those who think the market slows down during the holidays, IT DOESN'T! In fact, we have more serious buyers and sellers this time of year than any other period, and this trend will continue through December 31st, 2014 (as it always has for us). I have seen this trend so many times, that I was able to create a video on it that you can see here: Selling in the Fall and Winter Months.

If you are thinking of selling or buying, throw away those preconceived beliefs that now isn't the time. Now is the best time, and I have plenty of proof. Heck, I might just have to sneak away on Christmas to help you!

Thanks again for helping us fill in a few more deals to close this year...Happy Holidays!


Smiles, Toril Schoepfer Smile


*PS*If you want to know more about becoming one of Toril's Favorite Peeps, just respond to this message and I will tell you how!*

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Toril Schoepfer
Toril Sells Houses Team
16150 64th St. E
Sumner WA 98390
1-253-826-7508
Fax: 866-743-3484