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 | | | | Second Trust | $95,000.00 | | | | First Trust | $785,000.00 | | | | Balance of your loans | $880,000.00 | | | | Interest Rate | 7.00% | | | | Hazard Insurance Premium | $0.00 | | | | Yearly Property Taxes | $6,926.00 | | | | Selling Broker Fee | 3.00% | | | | Listing Brokers Fee | 1.50% | | January 1st 2008 | | Tax Bracket | 26.00% | | | | | Interest | | | | | | Interest (15 days) | $5,133.33 | $2,566.67 | $2,566.67 | | | Escrows | | | | | | Property taxes | 6 months estimated | $3,463.00 | $3,463.00 | | | Title Charges | | | | | | Release Processing Fees | $100-250 | $200.00 | $200.00 | | R-5 | $25-65 | $45.00 | $45.00 | | | Document Preparation Fee | $150-300 | $150.00 | $150.00 | | | Notary Fees | $20-50 | $20.00 | $20.00 | | | Attorneys Fees | See Notes | $0.00 | $0.00 | | | Government Recording | | | | | | Recording Fees | Estimated | $31.00 | $31.00 | | | Grantors Tax | Estimated | $790.00 | $3,950.00 | | | Additional Charges | | | | | | Pest inspection | $0-65 | $45.00 | $45.00 | | | Miscellaneous Fees | | $750.50 | $750.50 | | | Selling Brokers Fee | | $23,700.00 | $23,700.00 | | | Listing Brokers Fee | | $11,850.00 | $11,850.00 | | | Estimated Closing Costs | $43,611.17 | $46,771.17 | | Debit Buyer Closing Cost Credit | $0.00 | $0.00 | | | Approx. Net/Short | -$133,611.17 | -$136,771.17 | | | Credit RELO Reimbursements | $50,000.00 | $50,000.00 | | | Debit Miscellaneous/Penalties | $0.00 | $0.00 | | | | | $0.00 | | | 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 |
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