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Short sales | short sale taxes and insolvency - IRS

Underwater homeowners have questions about short sales and their taxes. If debt is forgiven the owner will - should received a 1099 and cancelation of debt income. Today we discuss insolvency, taxes and when the snap shot of assets vs liabilities is taken.

We advise these questions be answered before the short sale, loan modification or foreclosure begins.

As of January 2013, the tax laws have changed. Find out what it means to the typical homeowner and what it means for short sale, foreclosures and loan mods.

Short sales | short sale taxes and insolvency.

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