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bankrupcy

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dgfrancks Joined: 11 Mar 2010 Posts: 1 1.24 Dollars($)	Posted: Thu Mar 11, 2010 2:49 am    Post subject: bankrupcy Like 0 Dislike 0 do i still have to pay taxes on the sale of my house after foreclosure if i filed bankruptcy in 09
jameshogg Joined: 20 Dec 2005 Posts: 10176 Location: Nevada 945.64 Dollars($)	Posted: Thu Mar 11, 2010 10:13 pm    Post subject: Like 0 Dislike 0 Hi dgfrancks, The deficient amount which has been forgiven by the lender will be considered as your income. The IRS can charge you taxes for it. However, there are chances that depending upon the Mortgage Debt Relief Act, you won't have to pay the taxes. Thanks

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