We recently moved for family and employment reasons from Phoenix, AZ, to San Antonio, TX. We have only owned our home in Phoenix for two years, and in that time, it’s value has decreased by at least $80k. We have been offered the option of a “short sale” by our lender, but I don’t know what the tax implications of that are. What would we end up paying in taxes if we had a “debt forgiveness” of $50k from our lender?

This entry was posted on Thursday, May 20th, 2010 at 9:08 pm and is filed under Lender Approved Short Sales. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.