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Tax Questions

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taxshop

Junior Member
What is the name of your state (only U.S. law)? California.

I can help with any tax question for Los Angeles & California Tax.
Please feel free to ask.?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
 


Antigone*

Senior Member
What is the name of your state (only U.S. law)? California.

I can help with any tax question for Los Angeles & California Tax.
Please feel free to ask.?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
You don't need to start a thread for that.
 

tranquility

Senior Member
I know a person who inherited a house she owned with her mother free and clear. (Prior gift of 1/2.) At purchase it was $150K at death of mother, $400k. After gaining full ownership, she refinanced the house in a series of transactions when it was worth $600K until it was mortgaged to the tune of $450k. During these refinances she lived in the house and used the money to repair two separate rental properties.

The loan was not amortized and the amount owed is now $500K. The house is worth about $400K. While still living in the house she wants to do a short sale for what it's worth ($400k).

What income tax issues are there federally and for CA?
 

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