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I am saling my house in a short sale and will close next week. The bank has accepted the offert and will assume the debt. Will I have to pay taxes of the debt that will be forgiven even if this is my primary residence?

jameshogg · Posted: Tue Aug 17, 2010 10:51 pm Post subject:

Hi Catrachita,

If the mortgage balance is forgiven, 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 resulting from the forgiven debt.

Thanks

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