Worried Ahout paying tax
when you sell your home in a short sale?
There is a little know loophole that
may alow you to avoid paying the tax if you
sell your home in a short sale.
It is the insolvency exclusion,
you’ll have to prove to the satisfaction
of the IRS that your liabilities exceeded
the value of your assets at the time
your debt was cancelled.
Cancelled debt is not included in income
to the extent you were insolvent.
Consult your tax expect to see if you qualify for it!!!
Worried Ahout paying tax
when you sell your home in a short sale?
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