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I short sold my house in 2007 so on that next tax return, i didn't have to pay taxes on the federal return but on the california I owed taxes from the short sale. I am still making payments today. My question is, will the new law of Cal. mortgage debt relief help me in that I could amend my tax return for that year and get money back or is it just an extention of the relief that I already received from California?

jameshogg · Posted: Fri Apr 23, 2010 8:18 pm Post subject:

Hi connie,

California Debt Relief Act applies to qualified debt which are forgiven in 2007 and 2008. Now the law has been extended till 2012. You should contact a tax adviser and take his opinion as to whether or not you would be able to amend your tax returns.

You can check out the given page for further information in regards to California Debt Relief Act:
http://www.mortgagefit.com/california/debtrelief-act.html

Thanks

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