November 7th, 2009
I did a short sale on my Rental property, what are the tax ramifications?
I bought this home back in April of 2006. I bought it to live in it but then a few months later, I decided that I didn’t like the neighborhood. So I put it on the market but it never sold at the price that I wanted. Then I decided to rent it for a while and I did so it became my rental property. Anyways in April 2008, I couldn’t afford to make the mortgage payments on this home anymore and I had to do a short sale. The short sale was completed in December 2008 but my question is will I be taxed on the difference? The difference was like $125k. I hope I won’t be taxed on this amount as I don’t have any money. Let me know the details.
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Filed under: Rent Property
1. Hebt u 1099-c? U don' t behandelt geannuleerde schuld tot u de vorm hebt.
2. Wanneer u omzette het in huurbezit, wat was FMV? Was het minder dan de kosten basis? (Als het in waarde daalde alvorens u het omzette, u can' t doet om het even wat over dat verlies.)
Hoeveel waardevermindering u tot dusver hebt geëist?
In tegenstelling tot het verkopen van een persoonlijke woonplaats bij een verlies, het verlies van het huurbezit–terwijl het huurbezit was–neigt om over in tact aan 1040 te drijven.
Het probleem is u wil 1099-c in het zelfde jaar zoals het verlies.