 Short sale tax (by Jason [TN]) Apr 2, 2009 3:39 AM
 Short sale tax (by bryan [NJ]) Apr 2, 2009 5:06 AM
Short sale tax (by Echo [GA]) Apr 2, 2009 6:19 AM
Short sale tax (by James [MA]) Apr 2, 2009 7:26 AM
Short sale tax (by Katherine [TX]) Apr 2, 2009 11:24 AM
Short sale tax (by Jason [TN]) Posted on: Apr 2, 2009 3:39 AM
Message:
State Specific Question About: TENNESSEE (TN)
Does anyone know how to calculate taxes on a short sale after they receive the 1099 form. This is for investment property. --70.182.x.xxx |
Short sale tax (by bryan [NJ]) Posted on: Apr 2, 2009 5:06 AM
Message:
loan amount forgiven is usually included in income. however, new law this year allows you to exclude a large part of this due to the economic conditions and massive short sale/foreclosure rates. go to irs.gov and research it. --71.230.xxx.xxx |
Short sale tax (by Echo [GA]) Posted on: Apr 2, 2009 6:19 AM
Message:
I don't believe you can get out of a 1099C on investment property , If you can please someone tell me. Anyways. You do have to add it to your income, but in my case it was about a wash , as I had about 65K in the property from a down payment and mortgage payment, so don't forget those. I just didnt get to take the 65K loss, like I would have under a regular sale. Now that being said I'm not sure if its add to your earned income or capital gain income. CPAs handling all that. --74.243.xx.xxx |
Short sale tax (by James [MA]) Posted on: Apr 2, 2009 7:26 AM
Message:
The new law doesn't apply to investment property. --192.234.xxx.xxx |
Short sale tax (by Katherine [TX]) Posted on: Apr 2, 2009 11:24 AM
Message:
Of course it doesn't. You're RICH! Haven't ya checked yer bank account?
So because you are so rich you get to call it income and pay more income taxes.
--64.12.xxx.xx |
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