IRS Rules for Debt Forgiveness on a Short Sale

This article will apply to you if you have sold a home as a short sale, meaning you owed more than what your home was worth at the time of sale. In years past, the difference could have been considered as taxable income. Now there is some tax relief for those individuals as outlined in the linked section to the IRS rules. Check it out for more specific information.

http://www.irs.gov/individuals/article/0,,id=179414,00.html

Posted on August 22, 2009 at 11:06 am
Debbie Barger Smith | Category: Uncategorized

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