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- Title
Tax Consequences of Home Sales and Foreclosures.
- Authors
Segal, Mark A.; Bird, Bruce M.; Leonard, Barbara
- Abstract
The article enumerates the tax consequences of home sales and foreclosures in the U.S. housing market. On the sale of primary and principal residences facing the prospect of disclosure, the taxpayer realized a loss, which is nondeductible. In the process of dealing with a foreclosure, various tax issues can involve including cancellation of indebtness income, insolvency and bankruptcy. Provisions for taxpayer from the U.S. government were given which include the Mortgage Forgiveness Debt Relief Act of 2007, IRS Guidance and others.
- Subjects
UNITED States; MORTGAGE loans; FORECLOSURE taxation; HOUSING finance laws; MORTGAGES -- Taxation; TAXATION of residential real estate; DEBT cancellation; TAXATION
- Publication
CPA Journal, 2008, Vol 78, Issue 9, p34
- ISSN
0732-8435
- Publication type
Article