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Short Sale Tax Liability Calculator
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Good News for sellers! Congress passed legislation retroactive to January 2007 through 2009. Sellers subject to a 1099 for forgiveness of debt will not have to pay taxes on forgiven amount. Check with your Tax professional for advice.
White House Press Release
If you're selling your home as a short sale, this Excel spread sheet is a valuable tool to quickly estimate your TAX Liability.
Enter the information in the yellow boxes to include all mortgages, late fees, agent commissions and your estimated tax bracket.
The Short Sale Calculator will estimate your tax obligation to the IRS.
For a working spread sheet DOWNLOAD
| Short Sale Calculator |
Legislative changes |
| ESTIMATE OF CLOSING COST Effective 3/2006 Rough Estimate Only (Please note the Virginia legislator is considering raising the cost and may not be reflected in this spread sheet so please call to verify.) |
| Sales Price |
$790,000.00 |
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| Second Trust |
$95,000.00 |
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| First Trust |
$785,000.00 |
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| Balance of your loans |
$880,000.00 |
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| Interest Rate |
7.00% |
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| Hazard Insurance Premium |
$0.00 |
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| Yearly Property Taxes |
$6,926.00 |
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| Selling Broker Fee |
3.00% |
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| Listing Brokers Fee |
1.50% |
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January 1st 2008 |
| Tax Bracket |
26.00% |
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Interest |
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Interest (15 days) |
$5,133.33 |
$2,566.67 |
$2,566.67 |
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Escrows |
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Property taxes |
6 months estimated |
$3,463.00 |
$3,463.00 |
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Title Charges |
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Release Processing Fees |
$100-250 |
$200.00 |
$200.00 |
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R-5 |
$25-65 |
$45.00 |
$45.00 |
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Document Preparation Fee |
$150-300 |
$150.00 |
$150.00 |
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Notary Fees |
$20-50 |
$20.00 |
$20.00 |
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Attorneys Fees |
See Notes |
$0.00 |
$0.00 |
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Government Recording |
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Recording Fees |
Estimated |
$31.00 |
$31.00 |
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Grantors Tax |
Estimated |
$790.00 |
$3,950.00 |
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Additional Charges |
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Pest inspection |
$0-65 |
$45.00 |
$45.00 |
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Miscellaneous Fees |
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$750.50 |
$750.50 |
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Selling Brokers Fee |
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$23,700.00 |
$23,700.00 |
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Listing Brokers Fee |
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$11,850.00 |
$11,850.00 |
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Estimated Closing Costs |
$43,611.17 |
$46,771.17 |
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Debit Buyer Closing Cost Credit |
$0.00 |
$0.00 |
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Approx. Net/Short |
-$133,611.17 |
-$136,771.17 |
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Credit RELO Reimbursements |
$50,000.00 |
$50,000.00 |
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Debit Miscellaneous/Penalties |
$0.00 |
$0.00 |
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$0.00 |
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Short Sale Total |
-$83,611.17 |
-$86,771.17 |
| Estimated Tax liability based on Tax Bracket (See your accountant) |
-$21,738.90 |
-$22,560.50 | |
Use this simple tool to calculate the closing costs for purchasing a home in Northern Virginia.
If you are an Investor check out my Flip analsys tool as well. Flip Tool
For an active tool contact me and I will be happy to send you a copy.
| BUYER'S ESTIMATE OF CLOSING COST Effective 3/2006 Estimate Only (Please note the Virginia legislator is considering raising the cost and may not be reflected in this spread sheet so please call to verify.) |
| Sales Price |
$390,000.00 |
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| Loan To Value |
97.00% |
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| Loan Amount |
$378,300.00 |
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| Interest Rate |
6.25% |
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| Hazard Insurance Premium |
$900.00 |
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| Property Taxes |
$4,500.00 |
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| HOA /Condo Monthly |
$0.00 |
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| Lender Fees |
$500.00 |
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Lender Fees |
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Loan Origination Fee |
0.0% |
$0.00 |
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Loan Discount |
0.0000% |
$0.00 |
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Appraisal Fee |
$300-650 |
$350.00 |
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Credit Report |
$12-35 |
$15.00 |
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Tax Service Fee |
$35-125 |
$35.00 |
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Lender Fees |
$250-10,000 |
$500.00 |
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Advance Fees |
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Interest (15 days) |
$1,970.31 |
$985.16 |
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Mortgage Insurance |
Call Your Lender |
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Reserves |
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Property taxes |
3 months estimated |
$1,125.00 |
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Hazard Insurance |
15 months estimated |
$1,125.00 |
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Title Charges |
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Settlement/Closing Fee |
$199-500 |
$250.00 |
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Abstract or Title Search |
$100-200 |
$100.00 |
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Title Exam |
$100-300 |
$150.00 |
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Title Binder |
$100-300 |
$100.00 |
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Document Preparation Fee |
$0-300 |
$0.00 |
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Notary Fees |
$20-50 |
$20.00 |
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Attorneys Fees |
See Notes |
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Title Insurance |
See Notes Estimate |
$1,696.50 |
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Government Recording |
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Recording Fees |
Estimated |
$79.00 |
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City/County Stamp MORT |
Estimated |
$315.24 |
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State Tax Stamp MORT |
Estimated |
$945.75 |
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City/County Stamp DEED |
Estimated |
$332.98 |
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State Tax Stamp DEED |
Estimated |
$998.63 |
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Additional Charges |
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Survey |
$300-1000 |
$300.00 |
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Pest inspection |
$45-75 |
$45.00 |
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Fees |
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$370.50 |
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TOTAL Closing Costs |
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$9,838.76 |
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Down Payment |
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$11,700.00 |
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Total Acquisition |
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$21,538.76 |
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Penfed Realty Credit |
0.50% |
-$1,950.00 |
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Seller Credit |
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-$6,500.00 |
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Second Trust |
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$0.00 |
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Required Investment |
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$13,088.76 | |
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PenFed Realty, LLC 11864 Sunrise Valley Dr, Reston, VA 20191
703-716-2900
1:40:33 PMFriday, November 02, 2007
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