Legislators Vote to Extend CA State Tax Exemption on Cancellation of Debt Income. This is very important if you are involved in a Short Sale - the amount forgiven is normally to be included as income on your tax return as Cancellation of Debt Income (CODI). Federal Taxes are currently exempt from CODI through 2012 under the Mortgage Debt Forgiveness Act. CA homeowners are NOT yet exempt from CODI on their 2009 state taxes if they lost their home due to a short sale in 2009 (2008 and 2007 sellers are exempt). Write your governor if this is important to you!!!
CLICK HERE TO READ SAC-BEE ARTICLE
(I am not a tax professional - please consult your tax specialist or CPA for further information specific to your situation)
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