Hello, I do have investment home in the state of FL I have been trying to s

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Hello, I do have investment home in the state of FL I have been trying to s

Hello, I do have investment home in the state of FL I have been trying to sale it as sort sale for the last 1 1/2 years but the bank keep tern the offers down so now my agent can not help me any more he told me to go for Deed- in – Lieu of foreclosure will I pay Tax on the forgiving amount in the state of FL & do you know what tax % will be.
Thanks

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Anonymous (not verified)
23-01-2011

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Hi Guest, In case of a deed in lieu of foreclosure, the deficient amount is forgiven and this forgiven amount is considered as your income and is taxable. However, depending upon the Mortgage Debt Relief Act, you may not be charged the taxes. Take care

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sara | Asked on 2011-11-04

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