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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Travis_Bickle who wrote (85175)8/14/2007 11:27:45 AM
From: ChanceIsRead Replies (2) of 306849
 
>>>The IRS lien attaches to all property regardless of when the property is acquired for a period of ten years after the tax is assessed.<<<

Hmmm. We may not be on the same wavelength.

I am well aware that if one buys a property at foreclosure - and I assume through a short sale as well - that the local taxes (eg real estate) in arrears are the responsibility of the new owner. Those taxes are levies against the property, not the owner.

I think it a leap to transfer federal income tax obligation to a piece of real estate AFTER IT HAS BEEN SOLD TO A THIRD PARTY, although I could be wrong. I don't think that the COD liability exists until after the property has been sold and a portion of the debt forgiven by the bank.

I would love to hear more - I am somewhat in the dark here.

The mortgage insurers will be in an interest position for a couple of years. Remember the Street hates uncertainty, and there will be plenty of that.
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