Posted on: 31st Mar, 2010 06:27 am
how much taxes will i have to pay on a 140,000 home is i did a deed in lieu of forclosure... this is mortgaged as primary in phila
but I purchased another home which is primary now.
but I purchased another home which is primary now.
Hi crystalnewman,
In case of a deed in lieu of foreclosure, you won't be responsible for the deficient amount resulting from the sale of the property. This forgiven amount is taxable. However, depending upon the Mortgage Debt Relief Act, the IRS may forgive the taxes that you had to pay on the balance amount.
Take care
In case of a deed in lieu of foreclosure, you won't be responsible for the deficient amount resulting from the sale of the property. This forgiven amount is taxable. However, depending upon the Mortgage Debt Relief Act, the IRS may forgive the taxes that you had to pay on the balance amount.
Take care