What are the tax consequences of a foreclosure on rental property?
Owner of the property for 23 years, bought Sherrif anticipate sales 22 000 38 000. Will I pay capital gains? Also, I'm currently in a Chapter 13 and the bank said no one asked stop gap. It forgives the debt of the loan. I have to pay taxes on forgiven debt? I've been told I will receive a 1099C and make the income account earned on my taxes next year. Can I be taxed in both directions? I live in Ohio.
This is not something you want to be a front who have multiple problems here. Bring to a professional who has experience with such questions. He is or may be: 1) capital gains 2) Depreciation Recovery 3) Forgiveness of debt.
OHIO MAN FACING FORECLOSURE REMODELS HIS HOME WITH HIS TRUCK 4-15-2010
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