All tax matters are best handled by a legal advisor and CPA. Before pursuing a short sale with your lender, be careful to document the reasons for your purchase of the second home, as the lenders are on the lookout for homeowners who are "buying and dumping": purchasing while their credit is still intact with the intent to short sell or foreclose on the unwanted property after.
Certified Short Sale Professional
Certified Home Retention Specialist
Blogging at: http://TheBremnerGroup.com/blog