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Posted by Kelly on May 30, 2007 at 10:50:47:
I just want to know if this is correct. We fell behind in payments in January because he lost his job in mid-November and has had to go out of state to work. I can't afford the home on my own and thought we were being responsible by putting the home up for sale immediately. Although it has taken five months, we are now in the midst of a short sale in California. We bought the home last May for $360k and have a buyer on the hook for $280k. My understanding is that the $80k difference will be on a 1099A, which we were told we we'll have to file but won't actually owe any taxes on it. Is this entirely true? Any unfiltered light someone can shed on this would be most helpful. Thank you.
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