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    #1

    Residential rental short sale

    client purchased residential rental for $262,000 and is short selling it for $97,250 he is holding off sending in the notarized paperwork, and wants to know if he should short sell it or not he is worried about the tax consequences of the short sale, and wants me to give him the go ahead.

    I have never had this situation what do i tell him??

    help I don't wanna screw up this guys sale of his rental by giving him the wrong advise

    thanks
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    #2
    Download Publication 4681from IRS.Gov

    This publication will take you step by step through Abandoment and Foreclosures. The client very likly is insolvent. Go to page 6 and CAREFULLY !!! complete the worksheet.
    The short sale will help his credit rating; walking away is the worse situation for his future credit.If you would like some hands on assist E Mail Bob relz@sbcglobal.net

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      #3
      thank you Bob

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