California Tax Law and Foreclosures/Short Sales

I ran across this article and found it extremely informative in describing the different potential tax consequences and laws that are in place for short sales and foreclosures, specifically in California. It was written by a CPA who (of course) advises you to consult an attorney to understand your specific situation. It goes into a lot of detail on how the IRS looks at short sales and foreclosures and gives examples on how different scenarios could affect you. It isn't a "light" read but worth it if you want to educate yourself on this topic.





http://www.realestateinvestingtax.com/shortsale.shtml

East West Partners and KSL Join Forces...

Great news in the real estate resort development world...East West Partners and KSL have announced their partnership to explore new development opportunities. It doesn't sound like anything will change in the near future regarding the Northstar and Squaw developments or other Lake Tahoe area opportunities, but interesting news nonetheless. See this article in the Sierra Sun for more details. http://www.sierrasun.com/ARTICLE/20110407/NEWS/110409943/1066/RSS?utm_source=twitterfeed&utm_medium=twitter