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Re: Short sale 1099 A

Posted by NJD on May 30, 2007 at 14:18:39:

In Reply to: Short sale 1099 A posted by Kelly on May 30, 2007 at 10:50:47:

You bought in May for $360,000 and can sell for $280,000. Did you finance any of the purchase price? If so, how much is the mortgage?

You should check with your Californian attorney and/or accountant and ask if your potential short sale will result in debt forgiveness, and if so, will the amount of forgiven debt be considered taxable income, and if so, would your insolvency (?) cause the "income" arising from forgiven debt be exempt from tax.

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