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  #1  
Old 10-23-2008, 04:33 PM
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Tax Liabilities on Foreclosure

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

I have an investment property that is in foreclosure. I have a short sale offer that would give me $70k of tax exposure. I have yet to file for bancruptcy, if I wait and let the house be foreclosed on or take teh short sale, and then file for bancruptcy, which is better from a tax liability standpoint? I have other debts that I need to file with and I have read that it is best to file for bancruptcy after the proeprty is foreclosed on. Any help? Thank you in advance.
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Old 10-23-2008, 04:38 PM
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Double post warning

Quote:
Originally Posted by mjlester123 View Post
What is the name of your state (only U.S. law)? MN

I have an investment property that is in foreclosure. I have a short sale offer that would give me $70k of tax exposure. I have yet to file for bancruptcy, if I wait and let the house be foreclosed on or take teh short sale, and then file for bancruptcy, which is better from a tax liability standpoint? I have other debts that I need to file with and I have read that it is best to file for bancruptcy after the proeprty is foreclosed on. Any help? Thank you in advance.
http://forum.freeadvice.com/mortgages-refinancing-foreclosure-107/short-sale-investment-property-435956.html
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  #3  
Old 10-23-2008, 04:53 PM
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Different Question

I was not asking the same questions. I was asking this time what was the better course of action, either take the short sale tax hit or foreclosure and then should I wait for bancruptcy. I never discussed the implications of bancruptcy in the last one. Any advice on bancruptcy?
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