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We met with a tax attorney before moving forward with a short sale who told us that we would basically be taking a loss over an 18 month period - and therefore not pay income taxes for this year. We paid him for the consultation.
I have met w/my tax guy - who said there is no such thing -
Before I pay this attorney to draw up a document that may save me no money at all (or $70k!!) - I wanted an opinion.
I'm willing to pay for the advice.
He asked for the following info:
PROPERTY TYPE The property was a 4-Plex in the city of Hemet
RENTAL OR PERSONAL - It was a rental property.
The sales price in the short sale was $168159
We put down $250,000 which was a 10-31 rollover
Debt forgiven - approx $24000
Type of debt forgiven ....it was a home loan
Thanks for taking a look.
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