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What are the tax ramifications of short selling my home?
Depending on your state and your situation. To properly identify your tax consequences, visit the IRS website and read the informaitoin for the Mortgage Forgiveness Debt Relief Act and Debt Cancellation. http://www.irs.gov/individuals/artic...179414,00.html
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07-03-2010, 11:13 AM #2
Fixer Upper
- Join Date
- May 2010
- Posts
- 38
Hello
Last edited by Chief Tutor; 07-03-2010 at 08:21 PM.
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07-09-2010, 09:51 PM #3
Fixer Upper
- Join Date
- Jul 2010
- Location
- Danville, CA
- Posts
- 14
A good CPA is worth every penny
If you're not able to find enough info here on the forum, I highly recommend paying a good/trustworthy CPA in your local area for advice. (hopefully you'll get the info here for free) A "brainy" CPA can save you thousands, at least they've helped me a lot. Unfortunately, I don't have any first-hand experience with tax issues related to short sales.
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07-15-2010, 10:19 PM #4
Banned
- Join Date
- Jul 2009
- Posts
- 215
hey you have provided very nice information here.. Its very helpful..
Thanks for this information..
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Best to speak with your accountant concerning this issue.
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