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when doing a Deed in lieu, would you have to pay taxes at the end of the year.

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pitipin2000 Joined: 10 Sep 2009 Posts: 1 1.00 Dollars($)	Posted: Thu Sep 10, 2009 2:01 am    Post subject: when doing a Deed in lieu, would you have to pay taxes at th Like 0 Dislike 0 when doing a Deed in lieu, would you have to pay taxes at the end of the year...would you have to pay taxes after a deed in lieu.
sara Moderator Joined: 05 Jul 2006 Posts: 2645 Location: New Brunswick, New Jersey 488.43 Dollars($)	Posted: Thu Sep 10, 2009 3:50 am    Post subject: Like 0 Dislike 0 Hi pitipin, After a deed in lieu of foreclosure, the lender will forgive your deficient amount resulting from the sale of the property. Depending upon the Mortgage Debt Relief Act, you will not have to pay the taxes on the forgiven deficient amount. You should contact an attorney and check out whether or not this law is in force in your state. Take care. _________________ Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020

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