I have a client who is concerned about the tax liability of a short sale. He lives in half of his duplex and
rents the other half. Will he have taxable income from canceled debt for the portion of the property that is rented out? Or, is he covered under the Mortgage Forgiveness Debt Relief Act because this is his Primary Residence? Thanks.
Answers (1)
FIRST ANSWER
Please advise your client to speak with his attorney and his tax advisor. Agents should not give out advice about such issues.
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