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Submitted 258 days ago...

gemvir

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Foreclosed homes/How to report?

We have a house that was foreclose and was auction on September 18, 2007. The lender was not able to sell it at auction and a real estate agent is listing the property right now as bank owned. As of today, December 14, 2007 the property has not been sold. Should we wait for the lender to sell the property first, before reporting it to IRS. What if they can't sell it by the end of December 2006, and we need to file our income taxes for 2006? Should that not be included yet.

I really appreciate for your response.

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Submitted 258 days ago...

Jodi-Mesa

Brain (2,795)

Here's a link about the new tax breaks that were passed in September for people who's homes have gone into foreclosure:

http://www.irs.gov/newsroom/article/0,,id=174022,00.html

Hope that helps!

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