Short Sale questions about deficiency judgements

With the tremendous amount of distressed properties and unemployment in Las Vegas, the amount of people unable to pay their mortgage is high. Short sales enable a selelr to avoid foreclosure on their record and help the housing market with one less foreclosure. I just posted a great article with frequently asked questions about short sale and the tax implications. I am NOT a CPA or a real estate attorney, but I quoted someone who is. It's always recommended that you seek the advice of your accountant and lawyer regarding any short sale issues. Here are some of the questions answered in the post:

1. What are the benefits of a Short Sale vs. Foreclosure?

2. Can I short sale an investment property? (Yes)

3. Can the debt forgiven on a short sale or foreclosure be taxable income? (Yes)

4. Is it possible to have a taxable gain after a short sale or foreclosure? (Yes)

5. Can the lender come after me for a deficiency judgment after a short sale or foreclosure? (Yes)

This article is intended to provide general information to provide general guidance and dispel many myths on the topics of taxability and personal liability after a short sale or foreclosure. While I am a Real Estate Broker and Certified Public Accountant, this is not intended to be tax advice and you should always consult with your own CPA, attorney and trusted advisors to discuss your specific situation, goals, rights and options.

To read all the answers to these common questions, visit the full blog post at:

Las Vegas Short Sale Questions

Felipe Crook

Prudential Americana Group Realtors

Las Vegas NV 89117

1-866-589-1646