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Home Selling in Baldwin : Real Estate Advice

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Fri Oct 28, 2016
Ian Lozada answered:
If the short sale closes before the end of this calendar year (2016), there should be no implications tax-wise, but at the end of the year, the latest extension of the Mortgage Debt Forgiveness Act expires, and unless it is renewed again, the difference between your debt owed and the amount the home sells for would be reportable income on a 1099-C form.

http://www.realtor.org/topics/mortgage-debt-cancellation-relief

I would speak to both a certified public accountant as well as a short sale attorney for more information.
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