From: "Canzie" 
Newsgroups: misc.invest.real-estate
Subject: Re: short sales and taxes
Date: Sun, 17 Aug 2003 01:43:32 GMT

Also forgot to tell you.....and its a good sales point to make to your
client.

If the banks expenses and original loan exceed what they sell it for
eventually, he is going to get the same IRS reporting form anyway.

-- 
Michael Papp
iNet Lending / Carteret Mortgage
www.iNet-Lender.com


"Canzie"  wrote in message
news:83B%a.2851$N37.2296@nwrdny02.gnilink.net...
> Good, Al.
>
> Also, you could tell your client to burn that bridge when he gets to it,
as
> the tax is not paid at time of the discount, but in April (I forget the
> reporting form you get from the mortgage company on this, but they DO
report
> it to the IRS.  1099?)
>
>
> -- 
> Michael Papp
> iNet Lending / Carteret Mortgage
> www.iNet-Lender.com
>
>
> "Al Klein"  wrote in message
> news:ivltjvcn90i7po5qnt6bvd9bnb5ij080hu@Pern.rk...
> > On Sat, 16 Aug 2003 16:50:07 GMT, "director38"
> >  posted in misc.invest.real-estate:
> >
> > >He would rather lose the house at auction than sell to me and pay
income
> > >tax.
> >
> > Offer to pay him the amount of the tax?  Would the numbers still work
> > for you?
>
>