Question

 Do i have to pay income taxes on a foreclosure?

Answer On One Hand: Debt ReliefThe Mortgage Forgiveness Debt Relief Act of 2007 allows people who lost their home through a foreclosure to exclude the remaining mortgage debt as income on their tax return... Read More »
http://www.answerbag.com/q_view/1975526

Top Q&A For: Do i have to pay income taxes on a foreclosure

Do I need to file income taxes if all I have is interest income?

Whether you need to file taxes on interest income alone depends on your filing status, age and dependency status. For 2009, a single taxpayer under age 65 with less than $9,350 in taxable income w... Read More »
http://www.answerbag.com/q_view/2071040

Do you have to pay capital gains taxes on a foreclosure house?

Yes, you have to pay a capital gains tax on a house if you made a gain from the disposition of the house. But under the Mortgage Forgiveness Debt Relief Act of 2007, the federal government can exer... Read More »
http://www.answerbag.com/q_view/2233341

Do you have to pay taxes on real estate for a deed in lieu of foreclosure?

If your lender agrees to a deed in lieu of foreclosure, you will be responsible for paying taxes on the forgiven portion of the debt. This is because the Internal Revenue Service counts the portion... Read More »
http://www.answerbag.com/q_view/2255374

If you are over 80 do you have to pay income taxes?

You can be over 100 years of age and could still meet the requirements of having to file an income tax return. Age does not have anything to do with the requirement to have to file an income tax r... Read More »
http://wiki.answers.com/Q/If_you_are_over_80_do_you_have_to_pay_income_taxes


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