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September 23rd, 2008 7:02 PM

In an opinion letter issued today to the Florida
Association of Realtors, the Department of Revenue ruled
that "when the lender cancels indebtedness of the seller,
that cancellation is not included in determining the amount
of consideration subject to tax under Section 201.02,
Florida Statutes."

Short of it: doc stamps will be based on the purchase
price, not loan amount amount that is being forgiven.
So it is back to business as usual, folks! Don't let
short sales scare you ... they will be here for years to come!
Posted by Appraisals Unlimited on September 23rd, 2008 7:02 PMPost a Comment (0)

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