Having you been throwing around the idea of a short sale in your head but have yet to talk to a short sale expert and do something about it? If you have even thought about short selling your property, you really need to get the ball rolling before the Mortgage Forgiveness Debt Relief Act expires at the end of 2012. You may be thinking to yourself that that still gives you six months to complete the short sale, however, sometimes it can take at least six months to get a short sale closed.

The Mortgage Forgiveness Debt Relief Act was implemented back in 2007 and makes homeowners that have a forgiven amount of property debt, such as the amount that is forgiven through a short sale or a foreclosure, exempt from paying taxes on that amount. Depending on the amount of debt that is forgiven in your short sale, this could potentially save you thousands of dollars. The act was extended once, however, there as been no mention of extending it for a second time. There are some stipulations, of course, to this act such as the property has to be your primary residence and the forgiven debt cannot exceed a forgiven amount.

For further requirements and to see if you qualify, contact a short sale expert in Las Vegas today. You don’t want to waste any more time. If you short sale, your home has to be closed on by December 31, 2012 to qualify for this tax exemption. Again, if you have ever though about doing a short sale on your property, get in touch with a short sale expert today; by working with a short sale expert they will do everything in their power to ensure that your short sale transaction is completed by the end of the year in order to save you money on paying taxes.