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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Let's get things straightened out here Posted by Tom on April 24, 2008 at 1:40 PM In Reply to: Re: lot of trouble posted by Al on April 24, 2008 at 11:55 AM The recently enacted mortgage deficiency balance legislation doesn't protect spectulators who bought land nor will any future legislation. It sounds as though the original poster wouldn't qualify as bankrupt or insolvent, so he won't avoid being taxed on the deficiency. So his loss would be the tax on the deficiency plus the total amount of loan payments less interest deductions. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : The recently enacted mortgage deficiency balance legislation doesn't protect spectulators who bought land nor will any future legislation. It sounds as though the original poster wouldn't qualify as bankrupt or insolvent, so he won't avoid being taxed on the deficiency. So his loss would be the tax on the deficiency plus the total amount of loan payments less interest deductions. [ 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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