Comments on: Paying Taxes on a Real Estate Short Sale?

By: alan@ Utah Homes for Sale

alan@ Utah Homes for Sale — Thu, 19 Nov 2009 04:28:43 +0000

Well since the government basically ownes the banks these days, I guess they’re losing out twice… They don’t get the money from the short sale, and then they also don’t get money by saying it was income….
alan@ Utah Homes for Sale´s last blog ..6,504 Reasons to Upgrade into a New Home by Spring

By: Tim Stuart

Tim Stuart — Sun, 03 Aug 2008 07:58:22 +0000

There were a few inaccurate items in the post of the “Taxes on a Real Estate Short Sale”
Yes it is basically for your primary residence, the general rule follows the Capital Gains Tax relief “Main residence for 2 of the last 5 years”
The bill does not state anything that the loan had to be after the bill was enacted
however -FROM BILL—–Effective Date- The amendments made by this section shall apply to discharges of indebtedness on or after January 1, 2007 “the indebtedness discharged is qualified principal residence indebtedness which is discharged before January 1, 2010.”
FROM BILL——-`(5) PRINCIPAL RESIDENCE- For purposes of this subsection, the term `principal residence’ has the same meaning as when used in section 121.’.Section121 being the Capital Gains exemption

By: Greg @ San Diego Locksmith

Greg @ San Diego Locksmith — Thu, 01 May 2008 19:18:28 +0000

What is it is a investment property? I am assuming this only applies to primary a residence?