Do I pay taxes on a short sale?

Answer If an individual has to sell a home for a net sales price (after commissions and other closing costs) that's less than the outstanding mortgage debt, it is called a short sale. The tax implications... Read More »

Top Q&A For: Do I pay taxes on a short sale

Do I owe income taxes on a short sale?

Yes, short sales are taxable transactions according to the Internal Revenue Service. A gain or loss from the short sale is not realized until the property from the sale is delivered after closing.R... Read More »

What to Expect to Pay Taxes With a Short Sale?

Every short sale is different with rules varying by lender. The tax consequences for a short sale are fairly consistent in spite of lender differences and often boil down to whether the home is the... Read More »

What happens to a judgement balance in a real estate short sale in New York state. If there is no equity in the sale will the judgement be released?

In any state, Judgements are usually filed with a court. In order for the Judgement to be released, someone -- preferably the party that filed the Judgement -- must be satisfied before the Judgemen... Read More »

How to Buy a Car on Short Sale?

Buying a car on a short sale means that you are paying the seller less than what he or she owes to the lender. A seller behind in car payments and possibly facing repossession may be motivated to s... Read More »