Ask The Realtor: If I sell on a short sale, do I have to pay taxes?
Ask The Realtor: If I sell on a short sale, do I have to pay taxes on the amount forgiven?
It is not necessarily true that you have to pay income taxes on the amount forgiven when selling on a short sale. When selling your primary residence, there are temporary laws in place that will make many sellers exempt from having to pay any taxes on a short sale. In addition, Visible Homes always negotiates the deficiency to $0, therefore many of our sellers are forgiven on the debt and are exempt from paying taxes on it. If you are considering a short sale, contact Visible Homes and we will let you know what you can expect.
