Asked by Celia, Sarasota County, FL • Wed Mar 3, 2010
I am trying to understand the shortsale procedure by asking a lot of questions and get a lot of different opinions before i proceed. I understand now that i owe no 1099 taxes as i have always been living in my own property and always had homestead. I also know that at a shortsale closing a lawyer will be present to make sure that
the sale is final and no money owed to the lender.
But my new questions is the 120000 i am loosing, the 60k i stuck into it as a down payment in 2005,
can i claim that for a loss on my next income tax? I just want opinions, i will get a professional to help
me at the end.
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