San Diego Foreclosure Attorney - tax liablity

Questions and Answers on Home Foreclosure and Debt Cancellation: "Step 2 – Figuring Gain from Foreclosure 4. Enter the fair market value of the property foreclosed.For non-recourse loans, enter the amount of the debt immediately prior to the foreclosure. __$200,000__ 5. Enter your adjusted basis in the property.(Usually your purchase price plus the cost of any major improvements.) ___$170,000__ 6. Subtract line 5 from line 4.If less than zero, enter zero.___$30,000__"

for more information on loan forgiveness and short sales please see our blog on San Diego Short Sales http://san-diego-short-sales.blogspot.com/2007/11/short-sales-and-tax-liability.html