Most people believe that going thru a foreclosure and short sale forgiveness of debt, that there will be no taxable income for the forgiveness difference. This is NOT true. Like anything with the IRS cancellation of debt is not a simple issue. Here is a link for information that might help you: www.irs.gov/publications/p4681/ch01.html#en_US_publink1000244075.
OR simply call your accountant to get clarification before you enter into a foreclosure or short sale of your
property.
Harriet Brantner, GRI
Realtor Associate
Waterfront Realty Sales, Inc.
17003 Gulf Blvd
Redington, FL 33708
harriet_1606@yahoo.com
http://www.waterfrontrealtorharriet.com/
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