Posted on: 19th Jan, 2010 02:32 pm
My mortgage balance is 142,000 what tax amount will I have to pay on a DEED IN LIEU
Hi akajo!
Welcome to forums!
There are chances that you won't have to pay the taxes on the deficient amount that is forgiven by the lender. Depending upon the Mortgage Debt Relief Act, you won't have to pay any taxes on that amount.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
There are chances that you won't have to pay the taxes on the deficient amount that is forgiven by the lender. Depending upon the Mortgage Debt Relief Act, you won't have to pay any taxes on that amount.
Feel free to ask if you've further queries.
Sussane