Gain on Abadonment of Property ( own Residence)

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  • Kaliaus
    Junior Member
    • Jun 2013
    • 4
    #1

    Gain on Abadonment of Property ( own Residence)

    Respected Community Members

    I have condo which was abandonment in the year 2012

    My cost was 110,000 minus Mortgage loan was 295,000 = Profit $ 185,000
    This profit is taxable for IRS Purpose or not
    This profit is taxable for Franchise Tax Board or not

    Your expert help will highly appreciated
    Tags: None
    • JohnH
      Senior Member
      • Apr 2007
      • 5339
      #2
      You need to consult a tax pro who is familiar with this issue.
      The wrong answer could cost you lots of money.
      "The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith

        Comment

        • BOB W
          Senior Member
          • Jun 2005
          • 4061
          #3
          Your question has major problems and shows that you need to consult with a tax practioner.
          This post is for discussion purposes only and should be verified with other sources before actual use.

          Many times I post additional info on the post, Click on "message board" for updated content.

            Comment

            • BOB W
              Senior Member
              • Jun 2005
              • 4061
              #4
              Are you saying that you have a non-recourse mortgage?
              This post is for discussion purposes only and should be verified with other sources before actual use.

              Many times I post additional info on the post, Click on "message board" for updated content.

                Comment

                • mactoolsix
                  Senior Member
                  • Apr 2009
                  • 544
                  #5
                  Find an enrolled agent in your area:

                  https://portal.naeacentral.org/webportal/buyersguide/professionalsearch.aspx

                    Comment

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