Home Loan Forgiveness?

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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?

1 Comment
  1. Reply
    v b
    May 14, 2011 at 8:24 am

    Read IRS publication 4681.

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