Redding Ca Foreclosure-Debt Forgiveness Will you owe taxes?
Posted by Rick Goates on Thu, Nov 05, 2009 @ 10:58 AM
There are a lot of questions out there by sellers when their home is going into Foreclosure.The main one that I hear is "Will we owe any taxes on the debt forgiveness". This is a CPA or Tax Attorney question and I always tell EVERY one to talk to a CPA or Tax Attorney.
The IRS does have some forms that help explain what is and what is not taxable and other info.
Your situation may be unique and the only way for sure to find out the answer to this question is to talk with a tax professional!
Regards,
Richard