• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Is it a capital gain or capital loss?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

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.
 



Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top