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.

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