To: Alberta's Child
Its posted on the internet....
Most likely just pulled it out their a$$ and flung out as the gospel
BigMack
To: PayNoAttentionManBehindCurtain
It may be correct. I just came across another article about a guy who defaulted on a $100,000+ mortgage and then got a big tax bill from the IRS after the foreclosed home was sold for $1.
I believe it's the difference between the value of the defaulted loan and the amount of money paid for the home in a foreclosure sale that is reportable as income.
79 posted on
08/21/2007 9:24:54 AM PDT by
Alberta's Child
(I'm out on the outskirts of nowhere . . . with ghosts on my trail, chasing me there.)
To: PayNoAttentionManBehindCurtain
112 posted on
08/21/2007 10:56:35 AM PDT by
Phantom Lord
(Fall on to your knees for the Phantom Lord)
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