Colli Real Estate

What are the tax consequences of foreclosure, the use of 397k, no debt, and the fair market value is 550K?

U.S. (California): If you have a foreclosure has been completed and returned by the bank property, and forgave the debt of $ 397k (Without recourse), but the fair market value as it appears in 1099-c is 550K. Are there any tax implications?

The market value of the building has no tax effect, unless you sell for more pay. Even then, you can exclude up to $ 125,000 (250,000 $) Gains taxes if married. If it is sold for less than what you owe, the amount of "forgiveness" are taxed as ordinary income. If I read your question you had forgiven $ 397,000. That means you have $ 397,000 more passive income you made without locking. This puts you in support of 35% for the entire state marriage, without any additional income. 35% of $ 397,000 is $ 135,000. I really doubt that if there was a foreclosure. I think not so educated, that he is a candidate for an "offer of compromise." Recommend consult a tax professional. If its total liabilities exceeded total assets at the time to forgive the debt, the exception applies to insolvency, including all or part of debt forgiveness as income. As that business, too.

Sheriff’s tax sales & Foreclosure real estate public auction

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