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Business Taxes

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flyjeffj Guest	Posted: Wed Jul 20, 2011 10:55 am    Post subject: Business Taxes Like 0 Dislike 0 I purchased an apartment complex in Mn on a Contract for Deed in 2007. In 2010, due to loss of employement, I was unable to maintain the property and sold it back to the original owner on a quit claim deed. Does this get treated as a sale for amount owned, or as a debt forgiveness for IRS tax purposes? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jul 20, 2011 12:01 pm    Post subject: Like 0 Dislike 0 I don't believe we have any tax experts who regularly participate in the forums here, so I recommend that you consult with your personal tax advisor, if you have one. If you don't, then you can always confer with the IRS directly, or seek out a local CPA or other similar professional. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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