InnoVest Resource Management's Foreclosure Forum

Home Discussion Board "Hands-On" Training Title Holding Trust Speaking Schedule Store Foreclosure Codes 50 State Resource Data Foreclosure Glossary Foreclosure Statistics 60+ Yrs Interest Rates Fillable Forms Archived Articles Dingbat Retirement Plan Links Contact / Map Home

[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Short sale Posted by Laurie on October 29, 2003 at 9:45 AM Oh boy do I have a question... We were in the process of doing a short sale on our rental property. The bank has accepted a bid that is $40,000 less than what we owe and we thought this was great. But just now the bank informed me that we will be responsible for taxes on the $40,000 to the IRS? Is this right? And how much could that amount to? Thanks, Laurie Follow Ups: Forgiveness of debt... Ward-CA- 4:04 PM, 10/29/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Oh boy do I have a question... We were in the process of doing a short sale on our rental property. The bank has accepted a bid that is $40,000 less than what we owe and we thought this was great. But just now the bank informed me that we will be responsible for taxes on the $40,000 to the IRS? Is this right? And how much could that amount to? Thanks, Laurie 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

Information provided by this website is for informational purposes only and is not a substitute for professional advice. Please consult your investment advisor and/or attorney before entering into any transaction. Read our privacy policy.

Copyright © 1997-2003, InnoVest Resource Management
http://www.foreclosureforum.com

InnoVest Resource Management, 4569-A Mission Gorge Place, San Diego CA 92120-4112
(619) 283-5444, Fax (619) 283-5455