Short Sale Facts and Tax Implications

The current economic condition has caused a flood of short sales in the real estate industry. This type of sale occurs when what is owed on a property is more than its value. So, in order to sell the property, you have to negotiate with the lender and settle for a lesser payoff amount. Even though this has become a common way to sell a property, how it works and the tax consequences have remained confusing to many. So, in an effort to clarify this practice we will give you some of the key facts about this type of sale and the tax implications.

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