Investment property taken back with a deed in lieu of foreclosure
Investment property taken back with a deed in lieu of foreclosure
I took back a property with a DIL. Balance was 65K plus liens of 16K. How do I report this to the IRS?
Fair market value 85K
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This is something which you need to clarify with your tax adviser. He will look into the matter and let you know how you can report this to the IRS.