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12-29-2011, 07:05 PM #1
Renter
- Join Date
- Dec 2011
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income property short sale
I have re-financed a rental property before the market dump, and now I'm in a position where in need to short sale. The value of the property is much lower than what is owed, but still higher than the original purchase price. How do I figure how much taxes I will be hit with on a short sale?
Any words of wisdom here?
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12-30-2011, 04:16 AM #2
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- Sep 2007
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- Outer Banks
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- 1,281
The difference between what you owe and what the property sells for will be considered income and taxed as either income or capital gains. Check with a CPA who is familiar with your situation so you can get some real numbers to work with.
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