California Foreclosure And Taxes
September 18th, 2010
California Foreclosure And Taxes
What is the effect foreclosure has on tax returns in California?
I foreclosed on my principal residence this year and want to prepare for changes or effects that can take my taxes. Generally claim anything, so I always have a return and do not want expected, due or not getting nothing in return …
1. Debt cancellation is recorded as income. 2. You can make a profit due to cancellation debt. You report the sale on Schedule D. 3. Read about foreclosure Read http://taxipay.blogspot.com/2008/08/foreclosure-or-repossession-of-main.html 4. You may be able exclude gain up to $ 250,000 in his home. Read http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html
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