Saturday, November 20, 2010

If I make a deal with a bank about money that is less the balance is that call earn income and is it taxble?

It’s all according to the situation at hand. In the case of a short sale of a primary residence, the answer is no due to “The Mortgage Forgiveness Debt Relief Act of 2007″. Otherwise, the answer is probably that the $20,000 is considered taxable income.

This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at
Five Filters featured article: Beyond Hiroshima - The Non-Reporting of Falluja's Cancer Catastrophe.

View the original article here

No comments:

Post a Comment