Hello,
Live in Nevada. Purchased home in 2005 and bought another home in 2009. The 2005 home became my rental property in 2009. About to short sale the 2005 home and was wondering if there's any recourse from Uncle Sam where I would owe money from the 1099c? The 2005 home wasn't initially purchased as an investment/rental property. Would appreciate any help on to what to expect. Thank you very much.
Live in Nevada. Purchased home in 2005 and bought another home in 2009. The 2005 home became my rental property in 2009. About to short sale the 2005 home and was wondering if there's any recourse from Uncle Sam where I would owe money from the 1099c? The 2005 home wasn't initially purchased as an investment/rental property. Would appreciate any help on to what to expect. Thank you very much.