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09-16-2009, 11:24 AM
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Short sale vs foreclosure in Florida? What's
better? My investment property is in foreclosure stage. I'm planning to short sale it. Will I have to pay taxes on the difference I owe to the bank? How much? What does it depend on whether the IRS sens from 1099 or not? May be I should rather let the house go into the foreclosure? What's better in my case? Thanks
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09-16-2009, 09:36 PM
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short sell is better than foreclosure. Only the difference between what you owe and what the bank gets for the house will go on your credit. Foreclosure will go on your credit in addition to difference owed on the house.From what I have seen, Short sales tend to be priced higher than foreclosure. So you will owe less with a short sale.
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