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Gain on Abadonment of Property ( own Residence)

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    #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
    #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

      #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

        #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

          #5
          Find an enrolled agent in your area:

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

          Comment

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