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11-05-2008, 05:13 AM
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re: Tax implications of a potential foreclosure..?
I am faced with one of 3 alternatives with an investment house...1. A short sale, 2. A "deed-in-lieu, 3. A foreclosure. House cost 3 years ago - 324k... Current loan - 334k... current value - about 180k No one seems to be able to tell me what to expect tax wise.Can you help?
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11-05-2008, 08:49 AM
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Without knowing a lot more, you will probably have taxable income from this "problem". If the bank (lender) forgives the difference from your mortgage and the sales price, that is income to you. Depending on the basis of the home, you may have loss on the sale, and that will offset some of the income.Helen, EA in PA
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