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tax ramifications

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chobgood Joined: 17 Jul 2010 Posts: 1 1.28 Dollars($)	Posted: Sat Jul 17, 2010 2:34 pm    Post subject: tax ramifications Like 0 Dislike 0 What are the tax ramifications for a home in Fl if we chose to do the deed in lieu? It's been on the market for 3 1/2 years. We moved to NC 3 years ago and have bought a home here. The mortgage co. has offered us a deed in lieu. What percentage of taxes would we have to pay on what amount of money?
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Jul 19, 2010 2:50 am    Post subject: Like 0 Dislike 0 Once your property is sold off though a deed in lieu of foreclosure, you won't be liable for paying the deficient balance resulting from the sale of the property. This forgiven balance amount will be considered as your income by the IRS. However, as the Mortgage Debt Relief Act is in vogue, you won't be liable for paying any taxes for the forgiven amount. _________________ Good is the Enemy of Great.

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