California Short Sale Tax – What are the California Short Sale Tax Rules?
[caption id="attachment_19183" align="aligncenter" width="300"] Phantom Income From a Short Sale... - Is it Taxable in California?[/caption] Sacramento Short Sale Specialist Reports: I used to hear it all the time, now most people know that the amount written off by the bank is actually income! The IRS/California franchise tax may tax you on the amount of the forgiven debt! "How could I owe taxes on a short sale?" So I may owe taxes on on a short sale? Taxes on what? I didn't make any money! What are the California Short Sale Tax laws? Short Sales and Cancellation of Debt The IRS and State of California may tax you on the amount of the forgiven debt. (Forgiven debt through foreclosure, with a loan mod or Short Sale.) Questions on...
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