Proceeds from Foreclosure

ElEme · ‎May 2, 2020

I had excess proceeds from a foreclosure. Do I report it as income? How is it taxed?

JotikaT2 · ‎May 7, 2020

It depends.

The treatment would be dependent upon whether this was for a principle residence or a rental/investment property.

Please see the following link specifically for information as it relates to foreclosures.

Please see the following link for more details as to whether it would be taxable to you based upon the type of debt that was cancelled.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

JotikaT2 · ‎May 7, 2020

It depends.

The treatment would be dependent upon whether this was for a principle residence or a rental/investment property.

Please see the following link specifically for information as it relates to foreclosures.

Please see the following link for more details as to whether it would be taxable to you based upon the type of debt that was cancelled.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.