Articles Comments

Debt Relief – Insolvency – Bankruptcy Information » Insolvency » Short sale – defining primary residence?

Short sale – defining primary residence?

I was wondering, what is considered primary residence. How long do you have to live in the property before you can make use of the new exemption tax law. Short sale specialists tell me just move in and chance your address, there is no time limit minimum. Others tell me two years. I have only owned the property for one year though. I bought the property and it dropped 50% in value! Do I have to pay that even if I file a form 982 for insolvency. I am not claiming bankruptcy though.

RELATED POSTS:

  1. Is there a new foreclosure law stating a deficiency by a short sale on a primary residence is forgiven? I keep hearing about a new law, that might be part of a presidential order, forgiving the short sale deficiency...

  2. I am short selling my main residence. Will I pay capital gain tax? I live in California (it’s a non recourse state). I am short selling my main residence for $125,000 less than...

  3. Real Estate Marketing – What is a Short Sale and How to Negotiate to Stop Foreclosure? – Part 2 RealEstateMarketingThisWeek.com – Real Estate Marketing – What is a Short Sale? – Short Sale experts discuss How to Negotiate...

  4. Bankruptcy and Short Sales in Massachusetts and New Hampshire. How does bankruptcy affect your short sale? Interview with attorney We have done enough short sales to see our fair share of bankruptcies occur. There is an impact to a...

  5. 9 Legal Short Sale Avoid Foreclosure Wells Fargo New Policy Trilogy Property Solutions, the Legal Short Sale Specialists, interviews Ron Ballard, top short sale attorney on the current state...

Written by

Filed under: Insolvency · Tags: , , , ,

3 Responses to "Short sale – defining primary residence?"

  1. untitled says:
    bout 5 years
  2. wizjp says:
    State specific; different states have different residency requirements. Ask the assessor’s office.
  3. SCH says:
    If you pass the insolvency test you do not have to pay taxes on the property. You state that you owned the property but do not state whether you lived in the property…if you did not live there then it is not your primary residance. But none the less if you pass insolvency you do not have to pay tax on the short amount.

Leave a Reply

Connect with Facebook

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Not finding what you're looking for?
Do a custom search of our entire site:

Get Adobe Flash player