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Do I pay taxes on a property which I signed over deed in lieu of in july 10, 2010?

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backat03 Joined: 26 Mar 2011 Posts: 1 1.24 Dollars($)	Posted: Sat Mar 26, 2011 4:49 am    Post subject: Do I pay taxes on a property which I signed over deed in lie Like 0 Dislike 0 I signed my propery over to the morgage co in July of 2010. (Deed in Lieu of) Do I pay taxes on the forgiven amount?
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sat Mar 26, 2011 6:26 am    Post subject: Like 0 Dislike 0 Hi backat03, Welcome to Mortgage fit, There are two types of taxes which are need to be considered in this situation..... 1.Deed Tax.. 2.Income Tax... For detailed explanation on this you may visit this link.. http://www.mortgagefit.com/deed-lieu.html But in short you need not worry about it. Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris

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