Home Selling in Star>Question Details

Scott, Home Seller in Star, ID

We have a rental property in Idaho. Do we have to pay taxes or anything else on a short sale?

Asked by Scott, Star, ID Wed Aug 5, 2009

Realtor's commission?

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I agree with Brian. You need to consult with a professional on this question. There are just certain questions that require a particular professional for and this is one of them. They should be able to give you good guidance on this question. If you need a name of a good CPA, ask family and friends who they use or who they would suggest.

0 votes Thank Flag Link Thu Aug 6, 2009

Great question and the answer is it depends. You'll definitely want to consult a CPA on this one as each situation is unique. There is a form you can file with the IRS to show you were insolvent at the time of sale and in that case it's my understanding that you wouldn't

Only a CPA is going to be able to help you determine this and be wary of any agent/broker who says otherwise (unless they also happen to be a CPA).
0 votes Thank Flag Link Wed Aug 5, 2009
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