Illinois  |  Tax Law

Legal Question

Asked on: 7/27/11, 10:30 am

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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