Short Sales
See if your loan is Owned by Fannie Mae or Freddie Mac
INFORMATION ON DEBT FORGIVENESS/CANCELLATION
Cancellation of debt is considered a taxable event by the IRS. You need to investigate whether a short sale, foreclosure or even loan modification or any other loss mitigation effort that results in debt forgiveness will be taxable to you. A tax attorney should be consulted to discuss potential tax implications.
The Mortgage Debt Forgiveness Relief Act
IRS Publication 4681
IRS Form 982
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