tax effect of short sale on rental property?
Asked by: megan
if i short sell my rental property for lets say 100,000 and my basis is 250,000 and the loan is non-recorse and depreciation is about 20,000 would i be able to claim a loss on my taxes of 130,000 since it was a rental thus offsetting all my wages and me owing no tax at all and getting all my withholding back?? since its non-recourse any cancelation of debt would not have to be included in income, correct?
How others found here:
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- Short Selling Rental Property
- short sale converted rental property tax return