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Icon Mini Profile dgfrancks





Joined: 11 Mar 2010

Posts: 1

1.24 Dollars($)
Post Posted: Thu Mar 11, 2010 2:49 am    Post subject: bankrupcy
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do i still have to pay taxes on the sale of my house after foreclosure if i filed bankruptcy in 09
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10176
Location: Nevada
945.64 Dollars($)
Post Posted: Thu Mar 11, 2010 10:13 pm    Post subject:
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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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