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What are the Tax Consequences of Foreclosure?

Posted on Mon, Apr 22, 2013

The answer depends on the circumstances. The two most important variables in determining the federal income tax consequences of a principal residence foreclosure are:
1. Is the mortgage recourse or non-recourse?
2. What is the value of the property in comparison to the mortgage balance?

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Tags: Michigan State and Local Tax (SALT), business consulting, Federal Income Tax, EHTC, Taxes, Consequences for Foreclosure, Foreclosure