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If I am insolvent, and have a short sale on what USED to be my primary residence (I am renting in another city now) are there tax consequences?

adonis · Posted: Tue Jun 07, 2011 8:18 pm Post subject:

Hi bclaw,

If the deficient balance resulting from the short sale of the property has been forgiven by the lender, then you may be liable for paying taxes for that forgiven debt. Nevertheless, you should contact a tax adviser and take his opinion in this matter.

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short sale, insolvency and tax consequences

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