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Short Sales

Real Estate Chatter

Miami Short Sale Tax Implications

Mortgage DebtSeveral of my clients have been sellers of distressed Miami homes. Homes where the owners were no longer able to keep up with the mortgage payments. In some cases, short sales were good options. In others, a short sale was not the solution and the owner allowed the properties to be foreclosed on.

Why would someone who is facing a foreclosure in Miami not want to get out of it if possible? The simple answer is tax implications. Allow me to explain. If you own a property that is facing foreclosure and you work out a short sale agreement with the lender, that lender is going to give you a form 1099 for the amount that was short to pay the loan off completely.

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Spoken by Maggie Dokic | Discussion: 4 Comments »

These articles are not intended to give legal or tax advice, and you should consult your attorney or financial advisor for additional information.

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