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Short Sale-Foreclosure Is There a Tax Implication?
May 25th, 2011 1:44 PM

Will you have any tax implications with a Short Sale or Foreclosure?

If you sale your home at a loss and the remaining loan balance is forgiven, does this constitute a cancelation of debt or income?

Does the Mortgage Forgiveness Debt Relief Act apply to debt incurred by refinancing a home?

The IRS and State of California address some of these concerns.  I highly recommend consulting with an Accountant and/or Attorney for advise.

http://www.irs.gov/individuals/article/0,,id=179414,00.html

http://www.ftb.ca.gov/aboutFTB/newsroom/Mortgage_Debt_Relief_Law.shtml


Posted in:General
Posted by Teresa Molina on May 25th, 2011 1:44 PMPost a Comment

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