Compare Mortgage Quotes

krh0tm2 · Joined: 10 Sep 2009 Posts: 1 1.33 Dollars($)

We are considering short selling our primary residence. We owe $300K and the real estate agent says that comp's in the area are going for about $130K. Would I have to show as taxable income the difference and have to pay taxes on this amount?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

If it is your primary residence then you will not pay taxes on the deficient amount

jameshogg · Posted: Thu Sep 10, 2009 11:05 pm Post subject:

Hi krh,

In case of a short sale, the deficient amount resulting from the sale of the property is not forgiven by the lender. You will have to repay it to him. In case, if the lender forgives the deficient amount, then depending upon the Mortgage Debt Relief Act, taxes would be forgiven.

Thanks

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1

Compare Mortgage Quotes

Short Sale Taxable Implications