Tag Archives: Short Sale

Short Sale

Today TaxMama® hears from YbSick in the TaxQuips Forum, with a common question.  “In a short sale where they abandoned the property and they receive a cancellation of debt, is it non-taxable since it was on their personal residence? Is there a time limit on how long after they move out of the property it […]

Homebuyer Credit Repayment

Today TaxMama® hears from Kelly in the TaxQuips Forum who cares about her friend. “A friend’s home will soon be going into foreclosure. He’s owned the home for 2.5 years and we’re trying to figure out if he’ll have to repay the $8,000 tax credit he received as a first time homebuyer. I’ve read that […]

TaxMama’s Tax Roundtable – February 2011 Session

Note: TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here?   REPLAY today’s session below – you can listen and SEE the session and forms. It will load slowly…perhaps slowly. But […]

Short Sale, Now What?

Today TaxMama hears from Toki in the TaxQuips Forum, with a problem, “I bought my house in 2005 and it is now upside down. I decided to try and have my loan redone and got shafted out of $4,000, having a third party to do it for me. I stopped making my payments and I […]

Short Sales et al

Today TaxMama hears from Lori in Florida with a depressing question. “Can you please tell me where I would find more info on the tax implications from doing a short sale of primary residence? I have quite a few Florida clients that are doing this vs foreclosure. I know that it is cancelled debt, but […]

Foreclosure and Taxes

Today TaxMama hears from Margaret in California, who wants to know, “Do I avoid taxes on my properties if I let them foreclose vs. a short sale? I have pulled out equity to invest and improve my properties and now I am under water big time.”