The Maryland Taxation of Forgiven Debt in Short Sales bill was signed by Mayor O'Malley on May 20, 2010. This is great news because it PREVENTS the tax of the debt forgiven. A few counties in Maryland -- Anne Arundel, Prince George's, and Montgomery had begun charging recordation and transfer taxes based on what was [...]
Short Sale Tax Update for Anne Arundel and Montgomery Counties — is Baltimore County to Follow Suit?
Starting immediately, Montgomery County and Anne Arundel County in Maryland will be collecting transfer taxes on the UNPAID BALANCE OF THE MORTGAGE on short sale properties INSTEAD OF the sales price. Derek Massey, President of Mid-Atlantic Settlement Services, reported this information on his company's blog yesterday. This could mean a difference of a lot of [...]