"Did you lose your house to foreclosure this year? Did your lender forgive some of your mortgage debt because the house sold for less than it te mortgage balance? If so, you could be facing a big tax hit...In general, if you lose your home to foreclosure or short sale, where you sell your home for less than you owe, the IRS won't add insult to injury by counting the difference as income, at least until 2012, when the act expires.
There are four major exceptions to the rule: Find out what they are at money.com
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When it's time to buy or sell real estate in Greenville, SC you need to work with a realtor who is honest, trustworthy, and knows the market. Dave Edwards - Greenville, SC Realtor - makes a strong effort to keep up with Greenville, SC market trends by analyzing market information on a daily basis. Who do you know that needs to sell? Contact us today at 864.275.7250.
Based on sales by GGAR members and CRS data.
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