Here's a big news alert that just came out that may effect your short sale real estate transaction.

In an opinion letter issued today to the Florida Association of Realtors, the Department of Revenue ruled that "when the lender cancels indebtedness of the seller, that cancellation is not included in determining the amount of consideration subject to tax under Section 201.02, Florida Statutes."

Short of it: doc stamps will be based on the purchase price, not loan amount amount that is being forgiven.

Read also: Florida Association of Realtors