Tuesday, May 10, 2011
Short Sale - Now What? - Daily TaxQuips - TaxMama.com
taxmama.com Today TaxMama hears from Toki in the TaxQuips Forum, with a problem, "I bought my house in 2005 and it is now upside down. I decided to try and have my loan redone and got shafted out of $4000, having a third party to do it for me. I stopped making my payments and I am now doing a short sale, which should close on or before November 15th . Will the IRS come after me for the difference of the loan amounts in a tax sense?" Dear Toki, It's such an awful, helpless feeling going
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