Wall Street

How Short Sales and Foreclosures Affect Your Taxes

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By TurboTax If you engage in a short sale or your mortgage lender forecloses on your home, there are some important tax implications that you’ll want to consider. For information on the third coronavirus relief package, please visit our “American Rescue Plan: What Does it Mean for You and a Third Stimulus Check” blog post. Whenever you sell a home, you need to calculate your capital gains to determine whether you owe any tax. If you engage in a short sale or your mortgage lender forecloses on your home, the Internal Revenue Service treats it just like a sale. Foreclosures and short sales may a…

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