House repo and taxes?
House repo and taxes?
I had my home repo'ed and had heard that I have to pay taxes
on the remaining amount owed. Is this right? It was a VA
loan so the loan WAS paid.
Any help out there?
-Yes, relief of indebtedness represents taxable income to the
debtor, except when it occurs via a bankruptcy proceeding.
However, you say that the loan was paid off, so why was
there a reposession?
-You don't give enough here for me to say