What to Expect to Pay Taxes With a Short Sale?

Answer 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 »

Top Q&A For: What to Expect to Pay Taxes With a Short Sale

Do I pay taxes on a short sale?

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 »

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 is a short sale with a third party approval?

A short sale with third party approval is an arrangement by which a party undergoing economic hardship can get excused from a loan by selling the property in question for less than it is worth in o... Read More »

Tax Implications With a Short Sale?

A short sale occurs when a property is sold to a third party for less than the balance owned on the mortgage. For example, a homeowner may still owe $150,000 on a mortgage but could sell the proper... Read More »