Tax consequences of a short sale As strange as it may seem the IRS code requires that a borrower defaulting on a loan and having all or part of their debt relieved is subject to a capital gains tax liability on the amount forgiven by their lender. Taxpayers who are defaulting or negotiating reduced settlements on […]
You may be eligible for the tax credit if you… have lived in your home for 5 of the last 8 years have an adjusted gross income of not more than $125,000 for single filers and not more than $225,000 married filing jointly you can receive the $6,500 tax break. you must be under contract before […]
