Posted by William Bronchick on June 27, 2008 at 09:47:20:
Shorting properties will result in a taxable gain unless you can show you were essentially insolvent at the time of the short. IRS form 982 can help you with this.
Message for Bill Bronchick - Posted by Kbuford
Posted by Kbuford on June 21, 2008 at 12:49:15:
Regarding dumping properties- I’m in a bit of a mess and was first in the midst of having a mitigator help me tomodify my loans and then if that doesn’t work, short sale them for me. However, I’m being told that by me having my properties shortsaled, I’m subject to paying taxes. I was under the impression that if I were taking a loss on the properties, I would not have to pay taxes. (Also, I purchased your reading material(s). I’m a huge fan. Can I retain you as my attorney in order for me to get ahead in this business???