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To: elmatador who wrote (57364)11/2/2009 8:02:55 PM
From: Lazarus  Respond to of 218056
 
In a normal market a short sale is not a common occurrence since under IRS regulations the difference between the amount owed and the price the property is sold for is considered forgiveness of debt and is taxed as ordinary income.

IOW if you owed 350k and the bank accepted 200k you would taxed on 150k as ordinary income.

The code has been modified:

irs.gov

through 2012 because of extraordinary market conditions.


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