Probate & Property 27:5 (Sep./Oct. 2013)
7 Pages Posted: 9 Oct 2013
Date Written: September 1, 2013
This article describes how tax liability may arise for distressed homeowners seeking modification, short sales, or deeds-in-lieu of foreclosure, and explains how such liability may be avoided. Also discussed are the rationales for forgiveness of such tax liability.
Keywords: foreclosure, mortgage, housing crisis, cancellation of indebtedness, income tax
Suggested Citation: Suggested Citation
Zacks, Dustin A., The Phantom of the Foreclosure Crisis: Cancellation of Indebtedness Taxation (September 1, 2013). Probate & Property 27:5 (Sep./Oct. 2013). Available at SSRN: https://ssrn.com/abstract=2337612