Since it seems less likely with each passing week that debt forgiven via short sale in tax year 2014 will be exempt from being considered taxable income on state {MN} and federal levels, I'm going to shift gears a bit. Short sales will still be a tool going forward; especially in conjunction with a bankruptcy or low amounts of forgiven mortgage debt, however, improperly managed debt forgiveness may leave a homeowner with a large and unexpected tax consequence. Moving forward, the blog will be used to edify points of interest for sheriff sale investors and homeowners facing a sheriff sale who may have equity to preserve.
Forgiven Loan Deficiencies Become Taxable Again in 2014
Article II
Don Mailey
RE/MAX Results
952-212-0968
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