Foreclosure or deed in lieu of foreclosure?
Written By: admin on June 26, 2009
One Comment
I refinanced that house 2 years ago and cleared ,000 after paying the previous loan. If I do a " Deed in lieu of foreclosure" will I have to pay taxes for the ,000 ?. Any hidden tricks in a deed in lieu of foreclosure?
The house is now an investment property. It has an FHA loan with PMI.
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It makes no difference if you do a DILF or go through the actual foreclosure. The lender involved will forward a 1099 to the IRS informing them that it has 'forgiven' that amount of money. Whether or not you must pay income tax on such a deficiency depends on the laws in effect at the time the debt is forgiven.