House Acted in Light of Senate-Whitehouse Conflict
With over 170,000 short sales completed nationwide in the first three quarters of 2014, and an average of just over $10,000 in tax due on the forgiveness under these short sales, Congress is giving up maybe 1.7 Billion in income . . . if it can ever be collected, if the former homeowners do not create of glut of new filings in bankruptcy court, . . . or bog down the IRS with insolvency filings . . . . or spend the money on really good CPAs, etc., followed by a vote on the next election cycle against anyone who allowed this tax to happen . . . .
As indicated earlier today . . . the ball should soon be in the President’s court. Stay tuned.