Comments on: California Legislature to Vote Monday on Taxing Forgiven Mortgage Debt http://bayarearealestatetrends.com/2010/03/06/california-legislature-to-vote-monday-on-taxing-forgiven-mortgage-debt/ Everything You Need to Know About the San Francisco Bay Area Housing Market Fri, 01 Jun 2012 06:25:53 +0000 hourly 1 http://wordpress.com/ By: John http://bayarearealestatetrends.com/2010/03/06/california-legislature-to-vote-monday-on-taxing-forgiven-mortgage-debt/#comment-525 Mon, 22 Mar 2010 16:01:28 +0000 http://gregfielding.housingstorm.com/?p=662#comment-525 What if the HELOC was used to make the purchase of the home?

]]> By: Greg Fielding http://bayarearealestatetrends.com/2010/03/06/california-legislature-to-vote-monday-on-taxing-forgiven-mortgage-debt/#comment-524 Tue, 09 Mar 2010 01:18:33 +0000 http://gregfielding.housingstorm.com/?p=662#comment-524 Yup…you’re right Peter. Purchase money loans are excluded.

But if you refinanced or took out a HELOC you could be in trouble.

Hope all is well BTW,

-Greg

]]> By: Peter B http://bayarearealestatetrends.com/2010/03/06/california-legislature-to-vote-monday-on-taxing-forgiven-mortgage-debt/#comment-523 Mon, 08 Mar 2010 17:46:25 +0000 http://gregfielding.housingstorm.com/?p=662#comment-523 Best I can tell purchase money loans are excluded
from taxation in California, it’s the recourse, I.e. Refi etc that will get
hit. This is my understanding from our CPA based
on his read of the CA code.

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