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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] One final note Posted by Greg on October 01, 2006 at 8:19 AM In Reply to: Thanks Rick, Bill & Greg!!! 1 final question please. You Guys Rock! Re: Start by determining your basis cost posted by Madonna Maka on September 30, 2006 at 11:31 PM Florida law does allow a lender to sue to obtain a deficiency judgment. I don't know how prevalent this is but you should be aware that it is allowed. : Thanks Rick, Greg & Bill! I printed out the IRS pub and showed it to my parents. I feel a little better after recieving your emails. So it looks like I will be paying the capitol gains taxes on the difference if the home sells for less at (i.e., $250,000) although my balance owed is $305,000... Meaning I will pay capitol gains on $55,000. And if I read and understand your emails, I will not have to pay that negative $55,000 difference (deficiency???) back to the bank. Just the capitol gains taxes on that $55,000. I think you all said no, but I'm just checking to make sure I'm explaining this to my parents correctly?????? Any ways guys, thank you VERY VERY VERY much for the information. This is a wonderful forum to get some advice on what to consider or act on, especially rookies that messed up badly like I and others did. Thanks again guys. Madonna Follow Ups: Oooops! Re: One final note Madonna Maka 10:04 AM, 10/01/06 (1) Short Sale Greg 7:21 PM, 10/01/06 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Florida law does allow a lender to sue to obtain a deficiency judgment. I don't know how prevalent this is but you should be aware that it is allowed. : : Thanks Rick, Greg & Bill! I printed out the IRS pub and showed it to my parents. I feel a little better after recieving your emails. So it looks like I will be paying the capitol gains taxes on the difference if the home sells for less at (i.e., $250,000) although my balance owed is $305,000... Meaning I will pay capitol gains on $55,000. And if I read and understand your emails, I will not have to pay that negative $55,000 difference (deficiency???) back to the bank. Just the capitol gains taxes on that $55,000. I think you all said no, but I'm just checking to make sure I'm explaining this to my parents correctly?????? Any ways guys, thank you VERY VERY VERY much for the information. This is a wonderful forum to get some advice on what to consider or act on, especially rookies that messed up badly like I and others did. Thanks again guys. Madonna Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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