I missed this story about former Sacramento King Ron Artest shorting his home in Loomis.
The short sale that Artest used to escape his losing real estate investment has become a commonplace tactic in an area beset by plunging housing prices…In Sacramento County, 58 percent of homes for sale in mid-May were short sales, according to Metrolist Services.
Wow. The house is dog-friendly though (FauxPaws!).
With the sale, the forgiven debt is $480,000, but Artest just might get a parting gift out of his short stay in Sacramento. Recently signed state and federal legislation eliminates taxes on forgiven mortgage debt from 2009 through the end of 2012.
Eliminates taxes? Whoa, whoa, whoa. I thought taxes were, oh, nevermind…
I wonder if this will be included in his new reality series.