Archive for the 'Undressing Short Sales' Category
For Those Of You Thinking Of Walking From Your Home Obligation Via Short Sale
A short sale may clean your financial shorts if you are not careful.
Ask your tax accountant, if you owe $40,000 more than your home is worth, and if your bank agrees to relieve you of the obligation and sell via a short sale, do you owe taxes on the home you just lost?
He just might say you were relieved of a $40,000 obligation. He might also say that is all taxable income. Now you might wonder, is a short sale the way to go?
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