Category Archives: Taxes

Amendment to Illinois Transfer Declaration to Track Short Sales

Posted on December 20, 2010 by Richard Magnone

Public Act 96-1083, effective January 1, 2011 amends 35 ILCS 200/31-25 the information to be provided on the Illinois Transfer Tax Declaration Form PTAX-203 to add a line item indicating whether or not the transaction was a short sale or … Continue reading →

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Mortgage Forgiveness Debt Relief Act of 2007 helps many short sellers

Posted on December 1, 2010 by Richard Magnone

In 2007, Congress passed Public Act 110-142, commonly known as the Mortgage Forgiveness Debt Relief Act of 2007.  Before the law was enacted, any debt canceled or forgiven by a secured lender in a short sale or other transaction was … Continue reading →

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