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Will, Home Buyer in Southwest Community...

Taxes on a lost

Asked by Will, Southwest Community Assoc., San Antonio, TX Tue May 14, 2013

I'm trying to sell my place to 190k, total amount that I owe to get out even. If I sell it to that amount or less, having a lost, do I still need to pay taxes on that? Don't wanna do a short sale and can't refi cause, don't wanna keep paying out of pocket no more. I can't afford it. Desperate to get rid of that condo. Thanks for help

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Answers

6
Hi Will,

As the others mentioned, you should contact a tax professional regarding tax advice.

Feel free to contact me if you have any real estate related questions about the home selling process. I would be happy to provide you with a professional estimate of your current home value at no cost or obligation.

Best,

Jamie Tian
Rodeo Realty
(310) 717-1321
JamieTian@RodeoRE.com
DRE #01920120
Web Reference: http://www.JamieTian.com
1 vote Thank Flag Link Fri May 17, 2013
It is best to address this question to your CPA and to determine price of the condo you may want to ask your question to local realtor who can review compatible sales in the area.
0 votes Thank Flag Link Tue May 14, 2013
Hi Will,
As others have stated, you need to consult a tax professional. That said, the gain or loss (which is how the tax is calucated) on the sale is difference between what you paid for the proeprty less what you sold it for (net of expenses). The cost basis might be adjusted for any major improvements. If it is a rental property, there may be depreciation recapture. It is not a simple answer which is why you should consult a tax professonal.
Good luck,
0 votes Thank Flag Link Tue May 14, 2013
Talk to your accountant! Trying to save money by getting "free" advice will cost you more in the end!
0 votes Thank Flag Link Tue May 14, 2013
If you email me directly I can give you detailed information on what to do. Is hard to know what to advise without having a complete picture.

Reach out to all of those who answer your question here and chose the one you like the best and work with them. generally speaking the bank will pay for the commission of a listing agent so you will have no out of pocket and you will pay no income taxes on the debt forgiveness income if it falls within certain parameters.

You are good, don;t be desperate, just take the appropriate steps to get to where you want to go, and chose the best to help you along the way.

You will be fine...

Ron
ron@select-realestate.com
0 votes Thank Flag Link Tue May 14, 2013
We cannot provide taxation advice as Realtors - I'd recommend you talk to your accountant.
0 votes Thank Flag Link Tue May 14, 2013
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