Short Sale and Tax?

Submitted by ann from CA - 08/28/2010 - 8:09pm

I live in Ca and We bought at $849k, we are trying to short sale our house at $669k we also have a 2nd $84k Whatever we end up selling it for , if we even get it sold. What are re liable for in terms of tax?

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Comments

Submitted by Jeremy ONeal - 10/22/2010 - 6:13am

Ann, that is a great question. The best advice I can give you is to consult with your tax professional. Every situation is different and it really depends on a number of factors. Please, Please, Please do not take any tax advice from a real estate agent. Remember what's in it of the real estate agent is their commission, and that can blur their vision at times. Also get tax advice from a tax professional and legal advice from someone practicing law. When it comes to marketing your home, trust a realtor.

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