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When does California conformity to the exclusion of cancellation of indebtedness expire?

August 12, 2011


From:  Sam
Date:  13 Mar 2009

Hello Sir,

I was reading your site and it had a lot of good information, but was wondering if you could answer an additional question regarding short sales.

When does California conformity for the exclusion of income from cancellation of indebtedness relating to a principal residence expire?

Thank you in advance,
Sam

Answer

Date:  6 Apr 2009

Hello Sam,

December 31, 2008. We donít know if it will be extended. California is in financial difficulty and might not be able to afford it.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

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When does California conformity to the exclusion of cancellation of indebtedness expire?

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