Renew the tax exemption on short sales.
Why is this important?
The tax exemption on short sales is to expire on December 31, 2012.
This should be extended. Too many people are affected by short sales and cannot afford to pay taxes on balance owed of the short sale.
My daughter has had an offer pending since May of this year and because the lender has been dragging their feet this sale may not be able to close before the end of the year. If this happens she would have to pay taxes on approximately $60,000. If she wasn't in a distressed situation in the first place, she wouldn't be selling on a short sale.
