short sale information to save my home: Steve Queen's two Most Viewed Short Sale Blogs For August!
- 09/20/11 01:04 PM
Important Tax Ramifications for Short Sale Transactions! In a short sale transaction, a seller finds a buyer offering to purchase a property for a sum that is less than the outstanding mortgage debt. If a lender agrees to a short sale, the debt may be reduced or eliminated. The Internal Revenue Service (IRS) considers any canceled debt ordinary income to the seller. This income may be subject to taxation. In some instances, tax relief is available. Tax Exemptions 1. Certain debts qualify for tax exemption. If the debtor files for bankruptcy or can prove that her abilities exceed her assets, there … (1 comments)
Important Tax Ramifications for Short Sale Transactions!
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