Do you risk losing a rental property to foreclosure?
If so, you have our sympathy … and something a lot more valuable.
Our proven ideas for limiting the negative tax consequences you face.
So don’t despair. Do something now to save yourself a lot of money. Read my new article titled Tax Tips: 2016 Tax Guide to Foreclosure on a Rental Property.
Three ways our fact-filled article can help you:
- You’ll learn what you face when you lose your rental property to foreclosure. It isn’t pretty because:
- You’ll have a taxable gain or a deductible loss on the foreclosure sale of your property
- You may or may not have cancellation of debt (COD) income
- You may or may not pay taxes on the COD income.
You’ll get all the details when you read the full article.
- We’ll explain winning tax strategies that can save you a bundle. You’ll learn about the foreclosure loss deduction, how foreclosure can create taxable income, the right way to handle business debt, and more … all explained clearly when you read the full article.
- You’ll learn how much “cancellation-of-debt income” you can exclude. For starters, we’ll explain the “qualified real-property business indebtedness exclusion.” If you qualify for this exclusion, you’ll have to reduce the basis of your depreciable property. Sound complicated? It is … but we’ll make everything clear when you read the full article.