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Greg
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1099 Deficiency Judgment
Monday, July 07 2008 12:34 PM
I seem to recall hearing about short sales owners being able to take a loss on their taxes for the year. Does anyone recall this statute or where I can find it?
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Randy Hughes
Master Advisor-39 years of experience
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Re:1099 Deficiency Judgment
Thursday, July 10 2008 10:49 AM
Greg,
I am not sure either. As i understand the loss on a short sale is TAXABLE to the borrower by IRS standards. However, there was news that the feds were trying to pass a law saying that they would no longer be taxed on the short-fall. I have not heard anything about being able to write off the shortage as a "tax loss."
Randy Hughes
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