Consequences for a Short Sale: Tax Liability - 05/19/10 11:26 PM
What is a short sale? When the sale price of the home is less than the loan amount and the lender accepts a lower payoff. On a short sale the amount waived is considered income by the IRS and subject to taxes. For example, if your loan amount is $300,000 and you complete a short sale for $200,000, the amount waived is $100,000. The IRS considers this as income and the borrower will be taxed at his income level. The lender will mail a 1099 and this must be reported to the IRS. This also applies to properties that are foreclosed … (0 comments)

6747 Scarlet Star - Las Vegas, NV ($135,000 - 3 BR / 2.5 BA) - 05/19/10 08:59 PM
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7708 License Street - Las Vegas, NV 89131 ($115,000 - 3 BR 2.5 BA) - 05/19/10 08:53 PM
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7208 Tin Mine Ave Henderson, NV ($195,000 - 4 BR / 2.5 BA with Pool & Spa) - 05/19/10 08:49 PM
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311 Ravenglass, Henderson, NV - 05/18/10 05:18 PM
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Leslie Carver

Henderson, NV

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Prudential Americana Group Realtors

Address: 871 Coronado Center, Suite 100, Henderson, NV, 89052

Office Phone: (702) 436-3615

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