10-22-2008, 02:52 PM
| | Junior Member | | Join Date: Oct 2008
Posts: 3
| | | 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.. |
10-22-2008, 03:03 PM
| | Senior Member | | Join Date: Aug 2005 Location: St. Odo of Cluny Parish
Posts: 28,187
| | | Yes, you will have to pay taxes on the money you got but didn't have to pay back.
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