Home Loan Forgiveness?

May 14, 2011 Mortgage Loan

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I am short sellng my home in California. The sale will cover most of the first mortgage. However, there is second on my home from my company. The company has agreed to forgive the loan. How can they do this without it resulting in taxable income for me and how should they write it off?

Mortgage Loan to an LLC?

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v b
May 14, 2011 at 8:24 am
Read IRS publication 4681.

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Home Loan Forgiveness?

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Mortgage Loan to an LLC?

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