If I short sell my house, can the IRS 1099 me for the difference between what I owe and the sale price? I live in AZ and this is my primary residence. Thanks.
Asked on 2/04/10, 8:25 am
1 Answer from Attorneys
Ronald Cappuccio
Ronald J. Cappuccio, J.D., LL.M.(Tax)
Under the new tax law, the cancellation of indebtedness income on a principal residence should not be recognized in income. You should discuss this matter with your tax attorney.
I hope this helps!
Ron Cappuccio
www.TaxEsq.com
Answered on 2/09/10, 1:00 pm
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