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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Help with Legal Advice Please! Bank Foreclosures going after owners for tax discrepancy in the value of original loan verses auction sale price.
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Poster Handle
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Anonymous Coward |
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Post Content
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Debt forgiveness......in this case a "deficiency" between what you owe and what the short sale yielded is considered income and is taxable.
Lucky for you...form 710 waives taxes on deficiency judgements for this exact reason.
Your welcome.
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