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Short sellers have one more year to escape taxable income on forgiven debt

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Underwater borrowers have one more year to swim to the surface and short sell their homes before facing income taxes on the forgiven debt.

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2 UserComments
John Taylor 10:07pm January 12, 2013

Good question..... Can you confirm this issue? Investment property/rental condo purchased solely for rental income....... Can short sale be done without taxable liability???? Please advise. ie: Orig. purchase condo, 2 BR - 2BA apt conversion @ $475 K w/ mortgage bal. @ $302 K...... Resale comps. now $220 K & hopeless recovery. Bad deal & need to short sale!!!

Chip 4:38pm January 10, 2013

Does MFDRA apply to investment property as well or only owner-occupied residences?

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