the cash-out is not income, it is borrowed money.

来源: OptionsKing 于 2010-11-21 11:04:52 [] [旧帖] [给我悄悄话] 阅读数 : (373 bytes)
回答: Can any CPA confirm this? 由 ConeHead 于 2010-11-20 22:11:27

the cash-out is not income, it is borrowed money.

You do not pay tax for borrowed money. But you have to pay it back using after tax income when the debt is due.

In a short sale, part of thre debt is forgiven, which is equvalent of imcome for you. So you will get a 1099. Same as if you settle a credit card debe for less than you owe.

 

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• Key point： Debt forgiven is equvalent to imcome ！ -RE8888- ♂ 给 RE8888 发送悄悄话 RE8888 的博客首页 (0 bytes) () 11/21/2010 postreply 11:22:03

• and IT SHOULD BE! OR -美西游子- ♀ 给 美西游子 发送悄悄话 美西游子 的博客首页 (26 bytes) () 11/21/2010 postreply 18:41:04

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