Re: Effect of Short Sale
Posted by USA_Dave on December 30, 2007 at 05:16:01:
In Reply to: REMOVEDRe: Effect of Short Sale
Posted by erv on December 29, 2007 at 16:25:00:
Before the new law took effect, your answer is only partially correct for in most short sale sitiations the income arising from forgiven debt was partially or totallyt exepmpt from tax. Now the new law temporarily exempts from taxation debt forgiveness income (1099-C) resulting from the short sale or loan modification of owner-occupied dwellings' mortgages.
Follow Ups:
- Re: Effect of Short Sale - USA_Dave 10:58:54 12/30/07
(1)
