The Phantom of the Foreclosure Crisis: Cancellation of Indebtedness Taxation

Probate & Property 27:5 (Sep./Oct. 2013)

7 Pages Posted: 9 Oct 2013  

Dustin A. Zacks

King, Nieves & Zacks PLLC

Date Written: September 1, 2013

Abstract

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

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

Dustin A. Zacks (Contact Author)

King, Nieves & Zacks PLLC ( email )

West Palm Beach, FL
United States

HOME PAGE: http://www.knzlaw.com

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