http://www.sellmyhouse.me.uk/sell-house/can-i-sell-home-as-short-sale-and-not-get-taxed-on-forgiven-debt.htm We buy your house for cash Tue, 13 Jul 2010 13:17:11 +0000 http://wordpress.org/?v=2.8.6 hourly 1 http://www.sellmyhouse.me.uk/sell-house/can-i-sell-home-as-short-sale-and-not-get-taxed-on-forgiven-debt.htm/comment-page-1#comment-1475 Janet P Sat, 03 Jul 2010 16:22:48 +0000 http://www.sellmyhouse.me.uk/sell-house/can-i-sell-home-as-short-sale-and-not-get-taxed-on-forgiven-debt.htm#comment-1475 No, fraud is never a good choice. You need to pay taxes on both the rental income and the money you kept from the loan. No, fraud is never a good choice. You need to pay taxes on both the rental income and the money you kept from the loan.

]]> http://www.sellmyhouse.me.uk/sell-house/can-i-sell-home-as-short-sale-and-not-get-taxed-on-forgiven-debt.htm/comment-page-1#comment-1474 godged Sat, 03 Jul 2010 08:45:25 +0000 http://www.sellmyhouse.me.uk/sell-house/can-i-sell-home-as-short-sale-and-not-get-taxed-on-forgiven-debt.htm#comment-1474 Probably not. To get the debt forgiven, the property has to be your principal residence, and since you used it as investment property, you may be saddled with a 1099. Talk to a GOOD accountant that specializes in investor properties. Probably not. To get the debt forgiven, the property has to be your principal residence, and since you used it as investment property, you may be saddled with a 1099. Talk to a GOOD accountant that specializes in investor properties.

]]> http://www.sellmyhouse.me.uk/sell-house/can-i-sell-home-as-short-sale-and-not-get-taxed-on-forgiven-debt.htm/comment-page-1#comment-1473 zeuz Thu, 01 Jul 2010 04:17:10 +0000 http://www.sellmyhouse.me.uk/sell-house/can-i-sell-home-as-short-sale-and-not-get-taxed-on-forgiven-debt.htm#comment-1473 It can be your principal residence because you've lived in it for 2 of the last 5 years. Can the forgiven debt not be treated as income? -- Only if you are insolvent at the time of the transaction. Talk to a CPA or an Enrolled Agent. It can be your principal residence because you’ve lived in it for 2 of the last 5 years. Can the forgiven debt not be treated as income? — Only if you are insolvent at the time of the transaction. Talk to a CPA or an Enrolled Agent.

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