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What are the tax implications in california with ...

Customer Question
What are the tax implications...
What are the tax implications in california with foreclosure of home that is worth 200000 less then owed.
Submitted: 9 years ago.Category: Tax
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Answered in 1 minute by:
8/4/2008
Tax Professional: RD, Certified Public Accountant (CPA) replied 9 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Is part of the debt going to be cancelled?

Is the house going to be sold/foreclosed for less than the amount you paid for the house?

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Customer reply replied 9 years ago
Reply to RD's Post: we are considering options that would be best forclosure short sale or chpt 13 my understanding is with chp13 we are protected against deficency judgement or tax liability. But we are not sure with forclosure because they would most definately not be able to get what we owe for the house so we were not sure if 1st or 2nd or both forclose what if any tax implication because so upside down
Customer reply replied 9 years ago
waiting for response I asked question more info was requested i responded and still waiting for answer
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