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Old 04-07-2008, 03:59 PM
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Join Date: Apr 2008
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Taxes on loss of short sale?

What is the name of your state? New Jersey

Will there be taxes due on house that was given back to the bank before foreclosure
if there is a loss?
  #2  
Old 04-08-2008, 09:45 AM
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Join Date: Feb 2007
Posts: 8,233
Generally not if this is a principal residence and we're talking about an acquisition loan.

You seem to be confused by the terms foreclosure and short sale.
Neither of them comprises "giving the house back to the lender."
  #3  
Old 04-08-2008, 12:43 PM
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Quote:
house that was given back to the bank before foreclosure
This is referred to as a deed in lieu of forclosure.
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