Asked by F Eddie, San Francisco, CA • Thu Feb 5, 2009
the amount of debt that was canceled but they have not yet sold the property. If we file our taxes and close-out all of our depreciated expenses, legal fees, and other exps on the property without the bank having yet sold the property ever being sold, then can the bank eventually send us some kind of capital gains notice if the home sells for a price above our basis value?
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