can you get a tax credit for abandonment of secured property?

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can you get a tax credit for abandonment of secured property?

2007-01-20 10:59:02 · 3 answers · asked by patrick_weaver28352 1 in Business & Finance ➔ Taxes ➔ United States

3 answers

Need a better description but if you are the one losing the property there may be a casualty loss.

2007-01-20 11:10:58 · answer #1 · answered by Nusha 5 · 0⤊ 0⤋

No. You may actually owe taxes because of it. In the event that you owed more on the property than the bank sells it for, the difference is "Cancelation of Debt" income to you.

2007-01-20 18:28:53 · answer #2 · answered by Wayne Z 7 · 0⤊ 0⤋

A tax credit?

You may have a tax LIABILITY. Depending on the circumstances, a forgiveness of debt may be income.

You'll need to explain your circumstances to get a better answer.

2007-01-20 11:09:20 · answer #3 · answered by WealthBuilder 4 · 0⤊ 0⤋