What are my tax implications going through this foreclosure? Also am I going to have to pay back the bank for the loss they will incur when they sell the property?
Going Through Foreclosure Here In California. Have A First Mortgage And Equity Line Second.?
Tue, Nov 3, 2009
One Response to “Going Through Foreclosure Here In California. Have A First Mortgage And Equity Line Second.?”
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November 3rd, 2009 at 9:08 pm
You do not pay the money back to the bank. You claim the money you did not repay as income and you pay state and federal income tax on it. The bank(s) will send you and the government, a 1099 showing the money as income.