Posted on: 26th Mar, 2011 04:49 am
I signed my propery over to the morgage co in July of 2010. (Deed in Lieu of) Do I pay taxes on the forgiven amount?
Hi backat03,
Welcome to Mortgage fit,
There are two types of taxes which are need to be considered in this situation.....
1.Deed Tax..
2.Income Tax...
For detailed explanation on this you may visit this link..
http://www.mortgagefit.com/deed-lieu.html
But in short you need not worry about it.
Feel free to ask any further query if you have....
DIPA
Welcome to Mortgage fit,
There are two types of taxes which are need to be considered in this situation.....
1.Deed Tax..
2.Income Tax...
For detailed explanation on this you may visit this link..
http://www.mortgagefit.com/deed-lieu.html
But in short you need not worry about it.
Feel free to ask any further query if you have....
DIPA