If you own a house and loose it to foreclosure,willyou get money back cause of that when you file taxes?
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You could have income from the foreclosure. It's called discharge from indebetedness (forgiveness of debt). You will probably receive a 1099A, and it's calculated based upon your net worth & how much debt you were forgiven--you will probably need a pro come tax time.
You can deduct on your taxes your regular stuff, the taxes & interest you did pay during the year..sorry the news isn't better.
The government, at the various levels, will become your partner, and tax you, when you make a profit. However, they do not want to be your partner, and share in your losses, when you lose money.
Not enough information.
Foreclosure evidently is considered a sale, and may result in capital loss or gain.
Look at this IRS publication. It has the basics, and a listing of other publications to refer to based on your circumstances.
No. Any loss on the sale of a home is not deductible. A foreclosure is a forced sale.
10.4 Capital Gains, Losses/Sale of Home: Losses (Homes, Stocks, Other Property)
Is the loss on the sale of your home deductible?
The loss on the sale of a personal residence is a nondeductible personal loss.
No. How much debt was written off? That could be income.
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