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Old 10-22-2008, 02:52 PM
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Short Sale on Investment Property?

What is the name of your state (only U.S. law)? MN

I am looking to do a short sale on a investment property (duplex) that is in default. I owe $200k on it and the short sale offer is $130k. Will I have to pay taxes on the $70k that is written off? Thank you in advance for your advice..
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Old 10-22-2008, 03:03 PM
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Location: St. Odo of Cluny Parish
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Yes, you will have to pay taxes on the money you got but didn't have to pay back.
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