Tax clock is ticking for underwater homeowners

Real estate tax talk

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Inman Connect New York | January 29 - February 1, 2019

Ordinarily, if all or part of a home loan is forgiven by the lender, either in a short sale or foreclosure, the amount forgiven is taxable income. Thus, for example, a homeowner who had $100,000 in mortgage debt forgiven through a short sale would have to pay income tax on the $100,000.