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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: jpk1 who wrote (74668)	3/24/2007 12:59:07 PM
From: Elroy Jetson	Respond to of 306849

Agreed. Real estate is primarily governed by state law, particlarly so in regards to foreclosure. One major theme being whether the property is located in a Mortgage state or a Trust Deed state, and whether that state has anti-deficiency laws applicable in some situations. But income tax law is Federal, and thus uniform across the nation. Foreclosure and/or timely bankruptcy extinguish tax ramifications while all variations of "short sales" and "deeds in lieu of foreclosure" are taxable events. .