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short sale vs foreclosure

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a_nthony Joined: 01 Aug 2011 Posts: 3 1.66 Dollars($)	Posted: Mon Aug 22, 2011 1:17 pm    Post subject: short sale vs foreclosure Like 0 Dislike 0 I am curious to know if the tax consequences are any different with a shortsale vs foreclosure
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 22, 2011 8:53 pm    Post subject: Like 0 Dislike 0 Hi a_nthony! Welcome to forums! As far as I know, there's hardly any difference in tax consequences for a short sale and foreclosure. In both cases, if the lender forgives the deficient balance, then you will be responsible for paying taxes. Feel free to ask if you've further queries. Sussane
sabrinatoss Community Expert Joined: 16 Jan 2011 Posts: 516 Location: Australia 82.74 Dollars($)	Posted: Mon Aug 22, 2011 9:09 pm    Post subject: hello a_nthony ! Like 0 Dislike 0 A foreclosure is a repossession of a property by the lender because of a default by the buyer on a mortgage payment. Conversely, a short sale is a settlement with a lender that halts a foreclosure, if successful, and the property is purchased by a new buyer. Neither option is exempt from tax penalty in most cases, but the way these two methods are taxed are different. _________________ Home Loan, Mortgage Insurance Calculator, Mortgage Broker

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