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Capital gains tax

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adamwest77 Joined: 04 Jun 2010 Posts: 2 1.40 Dollars($)	Posted: Fri Jun 04, 2010 6:39 am    Post subject: Capital gains tax Like 0 Dislike 0 Hi, i live in west virginia. It is an anti deficiency state, meaning they cant sue you for deficiency. Will i have to pay capital gains tax if they sell it for less than owed?
adamwest77 Joined: 04 Jun 2010 Posts: 2 1.40 Dollars($)	Posted: Fri Jun 04, 2010 6:51 am    Post subject: Like 0 Dislike 0 P.S. My house is currently close to going into forcosure..... forgot to include that
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Fri Jun 04, 2010 11:29 pm    Post subject: Like 0 Dislike 0 Hi adamwest, You will be liable for the capital gains taxes when you make a profit from the sale of the property. If there is no profit, you won't be liable for the capital gains taxes. Thanks
Guest	Posted: Sat Jun 05, 2010 3:34 am    Post subject: Like 0 Dislike 0 Thanks for the reply. But I will be able to discharge it under the mortgage debt relief act of 2007, under Principal Residence Exclusion, when i file my taxes, right. ??????

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