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bankcruptcy,shortsale,foreclosure

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Guest	Posted: Wed Apr 13, 2011 1:33 pm    Post subject: bankcruptcy,shortsale,foreclosure Like 0 Dislike 0 Is bankcruptcy ,shortsale and foreclosure taxable
jameshogg Joined: 20 Dec 2005 Posts: 10443 Location: Nevada 984.98 Dollars($)	Posted: Wed Apr 13, 2011 8:47 pm    Post subject: Like 0 Dislike 0 Hi Guest, The forgiven debt resulting from short sale and foreclosure are taxable. However, depending upon the Mortgage Debt Relief Act, the borrowers don't have to pay taxes on the forgiven debt. As far as debts discharged in bankruptcy is concerned, it does not have any tax consequences. Thanks
Gdreeves71 Joined: 14 Apr 2011 Posts: 6 2.38 Dollars($)	Posted: Thu Apr 14, 2011 6:49 pm    Post subject: Deed in Lieu Like 0 Dislike 0 Is a Deed in Lieu taxable as well?
smithsussane Joined: 18 Sep 2008 Posts: 10395 Location: Alaska 978.90 Dollars($)	Posted: Thu Apr 14, 2011 10:56 pm    Post subject: Like 0 Dislike 0 Hi Gdreeves! Welcome to forums! In case of a deed in lieu of foreclosure, the lender will forgive the deficient balance resulting from the sale of the property. This forgiven debt will be considered as your income by the IRS. However, depending upon the Mortgage Debt Relief Act, you won't be liable for paying the taxes for the forgiven debt. Feel free to ask if you've further queries. Sussane

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