GOT TAX QUESTIONS?
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Sundin & Company, PLC
Paul B Sundin, CPA
3180 S. Gilbert Rd, Suite #1
Chandler, AZ 85286
Phone: 480-361-9400
Fax: 480-393-5609
Email: paul@sundincpa.com
Are You Aware of the Tax Consequences of
Short Sales & Foreclosures?
Did you know:
• Debt forgiveness on a principal residence can be a taxable event;
• Even if the debt cancellation is not taxable, you still may have a gain to report;
• Tax impact may be based on whether the debt was recourse or nonrecourse;
• There are options other than bankruptcy to avoid taxation;
• You may be required to determine whether you are insolvent;
• Tax on canceled debt may in part be “postponed”;
• You may be able to avoid taxation on canceled debt on a rental property.
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This article is written for informational purposes only and is not meant to be tax advice. Each situation is different so please review your situation with a CPA or other tax professional. To ensure compliance with the requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.