Cigar
Member
- Joined
- Aug 9, 2007
- Professional Status
- General Public
- State
- California
In California there is no deficiency allowed for purchase money mortgages (technically "Trust Deeds"), but there is for non-purchase money mortgages. I too have heard of the congressional action to eliminate "Forgiveness of Debt as Income" tax liability, but not sure how this affects state tax liabilities.