Jul
09

What are the IRS tax implications of a short sale and a foreclosure?

By
sdmike asked:

If you get $50,000 of debt relief from a short sale (lender accepts $20k on a $70k note) is there a tax implication? How is that different from just forfitting the property through foreclosure?

Please don’t answer if you are just guessing – I can do that on my own ;-)

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