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Generational Dynamics Web Log for 23-Aug-07

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If you lose your house through foreclosure, you may face a big tax bill

If you lose your house through foreclosure, you may face a big tax bill

The idea of "walking away" from your home, if you're going to be unable to pay the mortgage payments, has gained publicity since it was recommended by CNBC's Jim Cramer when he became hysterical.

If you're thinking of "walking away," or if you're going to be foreclosed for any other reason, a New York Times article points out that you're going to be hit with a very big tax bill.

Reason: They amount of the mortgage loan that you don't pay is treated by the IRS as taxable income to you.

There are ways to structure a foreclosure so that you don't pay a big tax bill. The article provides some ideas, but this emphasizes the point that if you're threatened with losing your home through foreclosure, you'll really need legal and tax help. (23-Aug-07) Permanent Link
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