O
OleSargeE8
Guest
i was in chapter 13 bankrupacy early this year. the bank was going to forclose on some property i owned (the land my house is on, which is not part of the mortgage on the house). to prevent this i sold the land for $80,000.00, paid off the outstanding loan on the land (approximately $45000.00) and the remaining debts in the chapter 13 (i didn't pay off the mobile home that is on the land). The remaining debt was approximately $20,000.00. The was appraised at approximately $141,000.00 about 3 weeks prior to the sale.
is this a capital gain or a capital loss? I live in Georgia.
is this a capital gain or a capital loss? I live in Georgia.