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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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New Member

02/04/12 1:04pm PST
Viewed by asker 02/08/12 7:23am PST

Question on Real Estate Short Sale

A new client has rec'd a 1099c, short sale on a rental property she owns, she pruch'd the property 5 years ago for $128,000 and had a short sale of for $16,000 with $114,000 still due on the mort. How can the tax implications be minimized?

2 Replies

Accountant Community AllStar

Accountant Community AllStar

02/04/12 1:25pm PST

If she is no longer required to pay the mortgage, she has a capital gain.

When anyone doing nothing needs help, I will gladly help that person do nothing.

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New Member

02/04/12 1:51pm PST

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That's what I was afraid of. Thanks for your quick response.

Diane

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