I own a condo and have kept it as an investment property for three years and lived in for a year. Since its
I own a condo and have kept it as an investment property for three years and lived in for a year. Since its price went down about 200K, I'd like to either short sale or foreclose it. Do I have to live there another year to get the tax relief of forgiven debt? or do I get any relief at all?
Call me Im local and chave been doing short sales since 2006.
Sunny, I'm sorry I didn't notice your question back in November. This may be too late for you, but others can benefit from this information.
When someone asks me to do a short sale for their property, I write an addendum into the contract stating the lender will forgive any deficit on the debt owned. The lender will have to sign off on this in order to facilitate the short sale. The "Debt Relief Program" was suppose to expire at the end of last year, but it's been extended until the end of 2010. I would seek the council of a CPA to find out for sure about tax relief.
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