Foreclosure Aftermath
Foreclosure Aftermath
foreclosure?
who here has had a foreclosure and I can say about the tax consequences …. my main question exclusions is about ….. Are there circumstances where I used to pay the difference as income taxes in 1099? I hear if I own / live at home during the last 5 years, you will not pay for that? Is this correct?
1. Cancellation of debt income is not taxable in the case of non-recourse loans. But that can result in increased reporting of the disposition of the house. 2. Some or all of the gain on the sale of a residence staff eligible for the exclusion of income. You can exclude up to $ 250,000 of gain on the sale of your main home if all the following are true. * You must meet the ownership test. * You pass the test of use. * During the period of 2 years until the date of the sale, which does not exclude gain from the sale of another home.
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