Illinois | Tax Law
7/27/11, 10:30 am
Legal Question
If a person has a short sale, they are taxed on the deficiency amount correct?
If a person does a deed in lieu are they taxed on the deficiency or any amount?
What if a person does nothing and the property goes into foreclosure? Does that person have any tax implications?
Please explain so that I understand the tax responsibilities for each outcome and better understand which one has little to no tax liability.
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Read More Answered By: David Labovitz |
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