foreclosure rental property
What are the tax implications of foreclosure? We are foreclosing on a rental property and might foreclose on?
our residence too. Then move into another freed up rental property. What is the downside, tax – wise of doing this?
If your lender forgives some debt that it could have sued you for, you may have income from cancellation of indebtedness. Watch out if you get a Form 1099C from the lender.
