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we just did a deed in leui on our rental house. Can anyone tell me the tax consequences on it.

adonis · Posted: Thu Jan 20, 2011 10:15 pm Post subject:

Welcome cinlou,

If the lender forgives the deficient balance resulting from the property sale, then it will be considered as your income by the IRS. However, depending upon the Mortgage Debt Relief Act, you won't have to pay the taxes for the forgiven debt.

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