Home Selling in Dumfries : Advice

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Don Tepper, Real Estate Pro in Fairfax, VA
Don Tepper answered:
How can I reverse the bad decision to sell to an investor?
It sounds like you did a "Subject To," where you deeded the property to the investor but the mortgage stayed in your name. The investor, in turn, promised to pay your mortgage and, at s ... more
1 vote Share Flag Tue Dec 16, 2014 Home Selling in Dumfries
William Carl…, Real Estate Pro in Woodbridge, CA
William Carlos Noel answered:
In a short sale is the difference in the mortgage value and loan reported as income or can it be excluded?

December 2007 Congress approved a change in the tax law for short sales. The difference between the sold price and the amount your mortgage was forgiven, no longer counts as t ... more
0 votes Share Flag Wed Nov 26, 2008 Home Selling in Dumfries
Fred Glick, Real Estate Pro in Los Angeles, CA
Fred Glick answered:
How is a short sale reported on tax return?
If it was an owner occupied property, you are good. If it was an investment, contact an accountant based on your situation.
0 votes Share Flag Sat Nov 22, 2008 Home Selling in Dumfries
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