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Will I Get Taxed On The Forgiven Debt After A Short Sale? Orlando Short Sale Expert


OrlandoShortSaleExpert.Info Will you get taxed on the difference of what the home sells for and what you owe? According to the IRS, forgiven deby is seen as income and there for is taxable! Don’t panic yet! The government has actually created a couple ways to get out of paying any taxes after an Orlando FL Short Sale. The first is the 2007 Mortgage Debt Relief Forgiveness Act. This act eliminates a majority of home owners tax liability after they do an Orlando FL Short Sale. You have to qualify so seek out expert tax advice from a CPA. The second avenue to avoid paying any taxes after a short sale is called “insolvency”. Go to irs.gov and download form 982 and submit along with your taxes. If you qualify, you will be relieved of paying any taxes on the forgiven debt after an Orlando FL Short Sale. Contact us today with any Florida short sale questions. We are Central Florida’s authority on short sales. Visit us today at httpBank of America Short Sale, GMAC Short Sale, Wells Fargo Short Sale, Orlando short sale Expert, Longwood FL Short Sale Specialist, Lake Mary FL Short Sale Expert, Winter Park FL Short Sale Expert, Orlando Short Sale Specialist, What is a short sale, how to do a short sale.

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