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New Law Changes May Lead to Overpaying of Income Taxes

 
New Law Changes May Lead to Overpaying of Income Taxes
Posted February 13th, 2014 @ 5:32pm by KFBK News

Did you short-sell your home last year?  If so, you may want to make sure you're not overpaying your income taxes.  

Board of Equalization Member George Runner is reminding everybody who went through a short sale that they are not required to pay income tax on that debt.

Runner's comments come as he learned some tax preparation software is not up to date with current California Tax Law, and some people may mistakenly think they owe more than they really do.  

If you think that might be the case with your tax forms, you're encouraged to call your tax software customer service department with questions, or call or visit the Franchise Tax Board webpage.

  • The phone number for the George Runner, with the Board of Equalization:  916-445-2181.
  • The phone number to the California Franchise Tax Board:  800-852-5711
  • FTB webpage

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