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You pay tax when you close your short position.
If your brokerage pays interest on your balances, the interest would be taxable.
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∙ 15y ago
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You live in California you bought a house in Florida then filed a short sale in California do you still owe taxes and can they come after my new property?
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Short sale tax liability?
Much of whether there is tax liability of a short sale depends on whether the home was a primary residence or not. In most circumstances you will not pay taxes on a short sale if it was your primary residence. This is because of a law that went into effect called the Mortgage Debt Relief Act. If the property was an investment and not a primary residence you may have to pay taxes.
What is the plural form of balance of sale?
The plural would be "balances of sale".
Is sales taxes important to state income?
Sale tax is definitely good for the state but there are some does not have sale tax and still survive.
Do you still have to make mortgage payments on a short sale?
Yes.
How can you sell your house in a short sale and still file bankruptcy?
Bankruptcy is simply having debt beyond what you can pay. A short sale would have nothing to do with it. When you sell short, you leave the deal with nothing. No profit, no cash from the sale. Also, a lender would not even approve the short sale unless they are satisfied that you are 'upside down' each month and have no savings or other assets with which to pay the mortgage.
What are the taxes on production transportation sale or consumption of goods?
Excise Taxes.
Is a short sale public record?
is a short sale on public records
Where do I go to find out what houses in my town are for sale for the back taxes owed?
Where do I go to find out what houses in my town are for sale for the back taxes owed?
How long does a short sale affect your credit?
Iam bout to lose my house soon, getting divorce!. is it recommended to do a short sale? I am concerned about 1099-C taxes I have to pay to IRS and how bad my credit will be if I want to get a cheaper property later on. does enybody know how much afeccts short sales, is it better than a foreclosure! Thanks
What is the sale tax on fast food in NJ?
there is no sale taxes in new jersey
Where can I find a price on a short sale?
Many realtors will sell a house as a short sale. However a short sale has to be approved by the bank first.
