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Two Foreclosures |
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I Used to own two houses. One house already went forclosed. The second house will go to forclose pretty soon. My concern is how much tax or penalty do i have to pay to IRS? Bank hasnt gave us any paper work after the first houe went forclosed.First house I paid $320k ..sold in auction for $176k..Second house I paid $385..Its not forclosed yet. Please let me know. |
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The IRS is not going to tax "forgiven debt" on foreclosures or short sales for 2007 through the end of 2009, so you can relax about that at least. |
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Originally published on May 10, 2008 |
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