Posted by admin | Posted in All About Foreclosure | Posted on 22-08-2010
Tags: home, housing, realestate, reference, research
When you lose a house to a foreclosure…?
When you’ve lost you’re house in a foreclosure, and the loan
companies report it to the IRS, how much would your taxes be?
How much is the tax on large amounts of income, like 50,000.00 for instance? assuming that they sold your home for
that much less? This situation would take place in the state of
California.
foreclosure? tax? capital gain?…i don’t know who you’ve been talking to but none of these things have anything to do with each other.
Let’s talk foreclosure first…when you default and a NOD (notice of default) is issued…you have approx. 3 months to get out befor the mortgage company auctions off the property. NO capital Gains, No tax consequences for you ’cause you did not benefit from the sale….
and….the mortgage co cannot come after you for any short fall—so if your mortgage is $200,000 and they sell it for $150,000…you are not legally responsible for the $50,000
hope this helps—good luck
Foreclosed your house? That’s income
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California Income Tax Manual 2009 $114.95 California Income Tax Manual 2009 |
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Income Tax $31.4 Income Tax |
