Many families in the Phoenix Metro area are now struggling with the burden of whether or not to shorts-sell their homes, or whether it makes sense to hang on. One of the biggest mysteries in this equation is the tax consequences of a possible foreclosure or short sale.
Fortunately for people going through this sort of process speaking with a CPA, or an EA is essential. All the options must be considered and a complete review of the 1099-C or 1098-A must be completed to make sure that the foreclosure is properly accounted for on the taxes.
Ryan Stone is an Enrolled Agent who works to serve the Gilbert Community. He provides planning, assistance and tax preparation to individuals throughout the valley, and specializes in the foreclosure and short sale process.
Losing a home is one of the most intimidating items that can occur in one’s life. Ryan Stone and Stone and Company Accounting stand ready to assist with the possible tax consequences. Stone and Company Accounting handles tax preparation for small businesses, and individuals. Please visit the website at http://www.stonetaxes.com, or contact him at 602-697-4863.
This release is solely intended for informational purposes and is not intended to be tax or legal advice. You should contact a CPA or other tax or legal professional to discuss your situation. To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.
# # #
Stone and Company Accounting is a firm specializing in tax preparation services for individuals and small businesses. Stone and Company’s accountants assist clients from basic tax returns to complicated foreclosure and short sale returns.