Live Lake ForestTaxes | Live Lake Forest http://livelakeforest.com Real Estate in Lake Forest California Fri, 02 Dec 2011 02:32:48 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Cancellation of Debt from Foreclosure or Short Sale http://livelakeforest.com/2007/12/cancellation-of-debt-from-foreclosure-or-short-sale/ http://livelakeforest.com/2007/12/cancellation-of-debt-from-foreclosure-or-short-sale/#comments Mon, 17 Dec 2007 19:00:23 +0000 Vicki Lloyd http://vickilloyd.wordpress.com/2007/12/17/cancellation-of-debt-from-foreclosure-or-short-sale/ An additional consequence of losing your house to either foreclosure or a short sale, is the potential tax liability.  (As if you aren’t hurt enough!)  The IRS has added a section to their website that helps explain it.  You need to consult a tax professional to be sure, but this site gives you some information to start with. 

** Update 12/20/2007 :  HR 3648, the Mortgage Forgiveness Debt Relief Act of 2007 provides tax relief for homeowners who lose their homes during 2007, 2008, and 2009.  Read Kelly Kilpatrick’s article for a good explanation of what it does. 

]]> http://livelakeforest.com/2007/12/cancellation-of-debt-from-foreclosure-or-short-sale/feed/ 0