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Question on short sale / insolvency?

I purchased an investment property in early 2006 and just sold it on a short sale. My dad and his wife purchased this with me, although I have made all the payments on the loan. Do we all together have to be insolvent? Do I have to include my husbands debts/assets as he quit claimed off of the property at the time of purchase? Would it be beneficial to file separately?

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One Response to "Question on short sale / insolvency?"

  1. a tax lady says:
    Insolvency is determined at the individual level.

    While there is no need to file MFS, when you fill out the insolvency paperwork, you have to follow your state’s laws regarding separate and community property.

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