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09:59, 2012-Jun-4 .. 0 comments .. Link

Foreclosure can be one of the most devastating things a homeowner can face At a minimum, they will end up with damaged credit Until recently, the tax laws further penalized homeowners who were relieved of mortgage debt obligations with additional taxation.

Homeowners owe taxes on the amount of the debt obligation from which they are relieved For example, lets look at a short sale If a bank agreed to accept $200,000 as payment in full to satisfy a mortgage where the homeowner owed $250,000, the homeowner would owe taxes on $50,000.

They were relieved of repaying $50,000 in mortgage debt When you are relieved of debt, you are actually benefiting because you no longer have the obligation to pay it back Hence you must pay tax on this unrealized income even if there was no direct corresponding benefit, such as equity proceeds from a sale.

At the same time, how is the homeowner who just lost everything going to be able to pay tax on the differential of the satisfied mortgage obligation when they received no tangible.


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