Beautiful home in great location of College Greens. Spacious 3 bedroom 2 full baths with custom hardwood floors throughout. Open floor plan great for entertaining and families. The kitchen is equipped with stainless steel highend appliances solid cabinets, granite countertops and a stunning backsplash. Master bedroom is open to back patio and backyard and has large closets and its own bathroom! This home is clean and has so many great features you must see!
Call Tom Gonsalves one of the top rated Sacramento Real Estate Agents and owners. 916-202-9784 http://www.grealestateproperties.com
Listing #11066008
$299,900 (LP)

Price/SqFt:  158.59
8352  Marina Greens Way,  Sacramento, CA  95826 *     Active  (09/09/11)  DOM/CDOM: 0/0 Beds: 3* Baths: 2 (2 0) (FH)* Sq Ft: 1891* Lot Sz: 0.140ac* Area: 10826 Yr: 1968*

This loft is perfect for midtown professional. Gated parking, 2story,PoggenPohl Cabinets, Bosch Appliances, Bosch Washer/Dryer, Stained Concrete 1st flr, Bamboo Hardwood 2nd flr, Metal Railings, Glass Fireplace,unique granite counters, high ceilings, and Storage closet.
Listing #11064779
$359,000 (LP)

Price/SqFt:  270.33
2020  H St #F,  Sacramento, CA  95811 *     Active  (09/05/11)  DOM/CDOM: 0/0 Beds: 1* Baths: 2 (2 0) (FH)* Sq Ft: 1328* Lot Sz: 0.000ac* Area: 10811 Yr: 2006*

Wow..a beautiful property that is ready for you to move right in! Hardwood floors in living room and stairs accent this spacious home along with beautiful paint and carpeting throughout. Backyard features an out door loggia, a perfect place to sit and dream about how you would want to landscape the backyard!  Active Short Sale in West Sacramento



Listing #11063490
$275,000 (LP)

Price/SqFt:  91.12
3855  Otay St,  West Sacramento, CA  95691 *     Active Short Sale  (08/30/11)  DOM/CDOM: 0/0 Beds: 4 Baths: 3 (2 1) (FH) Sq Ft: 3018 Lot Sz: 0.150ac* Area: 10691 Yr: 2005

Great opportunity to live in a great Tahoe Park/Tallac home. Central Heat and Air, dual pane windows, newer roof, clear pest report, refinished hardwood floors, fresh paint, new fixtures, remodeled kitchen and bathroom. Must See! Work shop off the back of the garage is all wired and perfect for many purposes.  Contact Tom Gonsalves a Tahoe Park top selling real estate agent. 
Listing #11057224
$179,000 (LP)

Price/SqFt:  159,000
4301  61st St,  Sacramento, CA  95820 *     Active  (08/04/11)  DOM/CDOM: 0/0 Beds: 3* Baths: 1 (1 0) (FH)* Sq Ft: 995* Lot Sz: 0.120ac* Area: 10820 Yr: 1948*

Great established neighborhood near Land Park with lots of mature trees and well kept landscaping. Corner lot with large bedrooms, and hardwood and hardood laminate floors. Updated bathrooms.  Contact Tom Gonsalves one of Sacramento top selling Real Estate Agents in Land Park and successfully close you Short Sale in Sacramento.

Beautiful home for sale in East Sacramento on a quiet street. Original charm with all the modern upgrades! Dual Pane windows, central HVAC, brand new kitchen with granite countertops, classy tile flooring and stainless steel appliances. Indoor laundry with stackable washer and dryer. Newer roof, new paint inside and out, designer light fixtures and custom finished throughout the home. (basboards, crown molding, built-ins) Original hardwood floors are in outstanding shape. Must see as this will go!  Contact Tom Gonsalves a Sacramento Real Estate Agent and owner of Gonsalves Real Estate Properties.

Listing #11051583
$284,900 (LP)

Price/SqFt:  303.09
68  Coloma Way,  Sacramento, CA  95819 *     Active  (07/14/11)  DOM/CDOM: 0/18 Beds: 2* Baths: 1 (1 0) (FH)* Sq Ft: 940* Lot Sz: 0.129ac* Area: 10819 Yr: 1950*

 Do I have a tax liability if I short sale my primary residence?

Many people are under the impression that due to the Mortgage Debt Relief Act they will have no tax liability when short selling a residential property. This is not always the case. The Mortgage Debt Relief Act applies to individuals short selling their primary residence and only applies to qualified principal residence indebtedness. This Act also expires on 12/31/12. Individuals who short sell a home will receive a 1099-C from the bank. This 1099-C is reported to the Federal and State taxing agencies and must be reported on the Federal and State tax returns. If the property in question is an individual’s primary residence, and the entire amount owing is qualified principal residence indebtedness then there will be no tax for Federal and State purposes.
 
2.  What is qualified principal residence indebtedness?
 
Qualified principal residence indebtedness [according to IRC Sec 108(h)] is the money, up to $2,000,000 ($1,000,000 if MFS) of debt incurred to acquire, construct or substantially improve the taxpayer’s principal residence. A refinancing of such debt also qualifies. The debt must be secured by the residence, and the taxpayer must have lived in the residence for 2 of the last 5 years.

3. How do I report the short sale of my rental property?

Short selling a rental property can be difficult to compute because there is a lot more to consider. Firstly, you must address whether or not the amount due on the loan is money used to purchase, construct or substantially improve that specific property. If there is only one loan on the property and that loan was used to purchase the property then the equation becomes much simpler. The cost basis on the property is the total purchase price plus improvements to the property less accumulated depreciation. This will give you the adjusted cost basis of the property. If the sales price is less than that amount you will generate an ordinary loss on your tax return.
The other side of the equation is the ordinary income you will report as a result of receiving debt cancellation reported on a 1099-C.
More frequently then not the amount of ordinary loss from the sale of the rental can negate all or a portion of the ordinary income from the cancellation of debt. If you find that you have more cancellation of debt than you do loss from the sale of the property then it is always important to consider the taxpayer’s level of insolvency. Insolvency can be another way of excluding the income. This is something that must be looked at very carefully and can get tricky, however it often benefits the taxpayer to have a professional with experience in this area to take a look at your specific situation and give you an idea of where you stand.

4.  How do I know if I am insolvent?

Insolvency applies when a taxpayer’s total debts exceed their total assets. To compute insolvency the taxpayer must complete the insolvency worksheet and include this information with IRS Form 982 with their tax return in the applicable year. The important thing to understand about insolvency as it relates to cancellation of debt from the sale of property is that your insolvency must be calculated immediately preceding the sale. This calculation must be completed before the property sells in order to report correctly even though the transaction is not reported to the IRS until the annual filing of the tax return. Additionally, when claiming the insolvency exemption a taxpayer may have to reduce tax attributes in the following year, meaning a Net Operating Carryover or a Capital Loss Carryover or possibly the basis in other real property owned by the taxpayer at the beginning of the following year. This is again a very complex issue and must be analyzed with a tax professional in order to understand to what extent these effects will be implemented in each individual case.

5.  What happens if I am partially solvent?

If you complete the computation and find that you are solvent by $20,000 but your debt forgiveness is $50,000 then you will only include the $30,000 in your taxable income for both Federal and State purposes. If you find that you are insolvent by an amount greater than your canceled debt then you will have no tax liability to either Federal or State.

Thanks to Dona Riolo for writting this great article!  This information was a great resource for Gonsalves RE Properties clients.  Contact us the top selling Sacramento Real Estate Agent.

The beautifully maintained 1906 Craftsmen style home in Downtown Sacramento will blow you away! The front portch and entry sits high off the street and presents a grand entry and large comforable portch perfect for people watching. There are 3 bedrooms and 1 bathroom on the main floor which has been tastefully updated. 1392 sq.ft with granite countertops, tile flooring, gleaming hardwood floors, coved ceilings, brand new lathe and plaster throughout, new paint inside and out, freshly paved back patio with private enclosed fence around the property. The best is yet to be mentioned....FULL FINISHED BASEMENT with a kitchen and a bathroom and HUGE attic space with stairs going up!  Contact tom Gonsalves a Downtown Sacramento Real Estate Agent.

Gorgeous home on a great street in East Sacramento. Clean as a whistle. Newer roof, hardwood floors, central heating and air, inside laundry, custom landscaping front and back. This backyard will blow you away. New Pergola provides shade above the stamped custom contrete patio. Spacious living room with fireplace connects to a dining room with beautiful built in cabinets. Bonus room/office has many windows open to the backyard. Must see!

Looking to sell your home in East Sacramento?  Tom sold this house in 8 days for $354,000!  Contact us to find out a top Sacramento Real Estate Agent.
Listing #11025507
$359,000 (LP)
$354,000 (SP)
Price/SqFt:  301.79
SP % LP: 98.61 871  54th St,  Sacramento, CA  95819 *     Sold  (05/13/11)  DOM/CDOM: 8/8 Beds: 2-3* Baths: 1 (1 0) (FH)* Sq Ft: 1173* Lot Sz: 0.119ac* Area: 10819 Yr: 1934*