Heaven Sent Homes

Shortsale or Foreclosure: Tax Implications You Ought to Know Now

Dear Ana, If I do a short sale or a foreclosure,  will I owe the IRS taxes? Ivan,  South Miami, FL   Dear Ivan, It’s quite possible you will owe federal income taxes in 2013 if you have a short sale or foreclosure that closes after December 31, 2012. If your mortgage is "under water"/upside down (in other words, you owe the bank more than the likely current property market value) or if you are struggling to make your payments, you may need to take one...Continue Reading!