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Short Sellers -> Please confirm something for me.


               
2012 Jun 7, 9:12am   1,788 views  1 comment

by BayArea   follow (1)  

Once you short sell your property, is there any obligations you have in terms of paying income taxes on the amount that was essentially forgiven (ie: amount remaining on your loan minus the value of the asset that is changing hands at the time you short sale)?

Can someone please confirm?

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1   BayArea   2012 Jun 28, 12:59pm  

E-man says

Since you're in CA, you're protected by the one action rule on your 1st loan

Does that apply to a refinance?

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