About Taxes: Selling Your House Short

	Taxes

In the Spotlight | More Topics |

	from William Perez This week, we hear from one reader who's selling her house short, which means she's selling it for less than she owes on the mortgage. So you would think there are no tax consequences, right? Not so fast. A new tax law makes it easier for people to deal with losing their house, but some taxpayers might be stuck with a higher tax bill.
In the Spotlight

Selling Your House Short "After a divorce and trying to sell our house for a few years we finally sold it short sale this year," writes one reader, who asked how taxes are figured when a house is sold short....read more             More Topics Relocating for Work is Deductible How to Earn Tax-Free Interest Missing Your Tax Refund? How to Handle Owing the IRS Find a Tax Preparer Which Tax Form to File? File an Extension Schedule and Calculator for the Stimulus Payments You can now find out how much your stimulus payment will be, and when it will be sent to you. If you file your 2007 tax return by April 15th, the IRS will send your stimulus payment between May and July. Direct deposits will go out the earliest, followed by paper checks....read more   Preventing an IRS Audit I wish I could tell you there's a magic solution to staying out of the cross hairs of the IRS, but the reality is that lots of people get audited every year. This shouldn't scare you though, because there's some simple things you can do right now, even before you file a return, to protect yourself....read more     Sponsored Links   Tax Time Taxing Matters Get all the advice you need for tax preparation, from gathering documents to budget planning and tips for saving more.

Advertisement

Visit Related About GuideSites:

Search About

Sign up for more free newsletters on your favorite topics. You are receiving this newsletter because you subscribed to the About Taxes newsletter as lemmetry@GMAIL.COM. If you wish to change or remove your email address, please visit: http://www.about.com/nl/usgs.htm?nl=taxes&e=lemmetry@GMAIL.COM About respects your privacy. Our Privacy Policy. Our Contact Information. 249 West 17th Street New York, NY, 10011 © 2007 About, Inc.