Short Sale Tax Consequences and Mortgage Debt Relief

Short Sale Tax Consequences and Mortgage Debt Relief

We highly recommend you seek the advice of a CPA regarding tax consequences of a short sale. Prior to speaking with a CPA, you may want to read this IRS brochure (CLICK HERE), which provides insights on tax relief on the mortgage debt resulting from a short sale. However, the details can be complicated so make sure your CPA reviews your case. Furthermore, any tax relief may come from Federal taxes only, so be sure to ask your CPA about the state tax consequences of a short sale.

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