Am I liable for taxes in a short sale?
If my bank accepts a short sale settlement, will the amount charge off count as income, and if so am I liable for the taxes?
Answered By: David Hoines Law
If the bank sends you a 1099, you will need to report the income and pays the tax.
Answer Applies to: Florida
Replied: 6/27/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: Florida
Replied: 6/27/2011
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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