Legal Question in Tax Law in California

Capital Gains

I bought a property for $104,000

Ive taken equity and now my loan

balance is 185,000. I'm currently

short selling my house if I sold the

property for $150,000 am I

supposed to pay Capital gains Tax?


Asked on 1/10/09, 6:04 pm

1 Answer from Attorneys
Donald Field Donald L. Field, Jr., Attorney at Law

Re: Capital Gains

see:

http://www.irs.gov/individuals/article/0,,id=179414,00.html

http://www.irs.gov/pub/irs-pdf/p4681.pdf

http://www.irs.gov/irs/article/0,,id=179073,00.html

Read more
Answered on 1/11/09, 1:29 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in California