not that i got that much income, but if i do short sale on 2 homes and lenders decide to charge difference/ realtor commissions to 1099 in the end, and let's say it's 100k. how much will i actually owe irs as a single no kids no nothing but some full time job earning little..?
2007-04-17 09:33:00 · 2 answers · asked by h 2 in Business & Finance ➔ Taxes ➔ United States
to give more details... i got 2 homes and what i owe is lot more than what i can sell. i went to below web and asked what they can do for me to sell homes through them. they will try negotiating with banks for such difference but sell home with such cheap pricing! if lenders decide to charge all to 1099 for difference as my 'income', i'd not know how much i'll end up owing irs but i assume... it'd save me from foreclosure and burdens of 2 home owning...
http://www.expresshomebuyers.com/component/option,com
2007-04-17 10:02:14 · update #1
Well, technically Paul K is right, it could be as much as 35% on $100K, but only if your other income is ovr $200K. 25% to 28% would be more likely.
I'm not sure though exactly what you mean by a short sale on two homes. If they're investment property, I'd see a CPA (NOT somebody like H&R Block - find a real CPA) and see what your options might be for cutting the taxes a little. If they were your homes and you just didn't live in either of them for long, you're pretty much stuck for the taxes.
2007-04-17 09:50:03 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
It could possibly be as much as 35% on the 100k.
2007-04-17 16:39:20 · answer #2 · answered by Paul K 2 · 0⤊ 0⤋