I Need To Sell My House Fast

Are taxes owed on a “quick sale” to avoid foreclosure?

Question by mischief418: Are taxes owed on a “quick sale” to avoid foreclosure?
We avoided foreclosure on our house a few months ago by doing a “quick sale” I believe…is this the same as a “short sale”? And I am wondering now that tax season is here…am I going to be responsible for the taxes on the sale of the house? I didn’t make a cent off of the sale but I’m just not sure how this all works. I know that the house was sold for less than what was owed on the mortgage but I do not owe the difference because the lender accepted the terms and I have a statement from the mortgage company confirming all of this however the letter does not mention taxes. Anyone know about this stuff??

Best answer:

Answer by AB
You won’t have to this year. There was a new tax law passed that excludes foreclosure income from taxes for last year.

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