Are real estate taxes deducted at the short sale closing?
August 10, 2011
Date: 9 Mar 2011
Useful information on the short sale. Thank you.
Are real estate taxes deducted at the short sale closing (which in turn decrease the amount the bank gets, which increases the debt foregiveness) deductible by the homeowner on Schedule A even though they did not technically pay them?
Date: 20 May 2011
The taxpayer is still selling the property that he or she owns, just for an amount less than the balance of the mortgage. The property taxes are being paid using the proceeds from the sale of the property.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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