| Short Sale in Orlando Questions and answers |
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06-20-2009, 11:23 PM
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Not completely sure what you are asking. However at the closing this years taxes are prorated based on last years taxs. The buyer will need to obtain insurance on the property prior to closing, however you will need to keep insurance on the property until it sells.
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06-20-2009, 11:26 PM
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The bank will have 0 balances on all of your escrows at the time of closing. You should know when you do a short sale the $$$ that is forgiven to you, from the bank you will have to claim next tax season. Ex. If the bank forgives 50,000.00 the IRS is looking at that as taxable income to you. Talk to your accountant and make sure you understand that.....and prepare for that next tax season.
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