tax consequnces of short sales
what are the different tax consequences of short sale on a condo (assuming forgiveness of debt income is issued)... will there be a difference wether its a rental property or primary residence
1
525
d1K3m-uNer4yUOacwZ5xHE
02/08/12 8:28am PST
Viewed by asker 02/09/12 4:02pm PST
Viewed by asker 02/09/12 4:02pm PST
5 Replies
dhhcpa
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Intuit Moderator
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02/08/12 5:50pm PST
Leo, I'm sure you realize how complex these questions are. If you are a professional tax preparer, I suggest you refer this to someone who has experience in this area.
Either that or go through the worksheets.
What software have you been using?
Ohhhh, Faerie Dust!!
02/09/12 7:31am PST
Debbie,
Leo is using ProSeries - he posted from ProSeries or ProSeries Basic.
Thanks,
02/09/12 4:53pm PST
Dave,
The question I meant to pose was what software had Leo been using before this year.
The answer to that may assist in determining his level of experience.
Dusty2004
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02/09/12 7:41am PST
Leo:
I agree with Deb. Go to www.irs.gov and read about short sales and come back and ask a more detailed question. This has the potential to be complex. There are recourse, non recourse, insolvent or not, etc. Once you understand some of those questions you can ask a more detailed question we can help with.
Dusty
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