How will shortsale affect taxes?

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I just completed a short sale on my home. How will this affect me when tax time comes around?

2007-08-31 05:28:40 · 3 answers · asked by naturegirlkole 5 in Business & Finance ➔ Taxes ➔ United States

Im in Texas, United States

2007-08-31 05:32:52 · update #1

Forgiveness of debt is taxable. Bush is pushing new legislation to change this unfortunate state of events.

2007-08-31 11:45:20 · answer #1 · answered by William H 5 · 0⤊ 0⤋

If some of the loan amount ends up forgiven, then you might have to pay income tax on the amount that's forgiven.

2007-08-31 05:53:06 · answer #2 · answered by Judy 7 · 0⤊ 0⤋

it wont. the taxes are on the value that the tax assessment office deems by doing appraisals from time to time.

2007-08-31 05:39:29 · answer #3 · answered by snwbm 4 · 0⤊ 2⤋