Share your experiences from sellers, especially for SS transactions for Non-Principal Residence homes. Nobody will be held accountable for advise. But share to help find a possible path to recommend the sellers to explore with their accountants.
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Hi Pauline,
As far as I know, you should still be exempt from any tax through the The Mortgage Forgiveness Debt Relief Act, provided it was your principal residence. You will get a 1099-C, but you can concurrently file the exemption forms to avoid any tax liability.
If the property was an Income Property, your accountant should be able to take the Full, realized depreciation: Acquisition cost (minus any previously claimed depreciation) less the final REO sales price) on Schedule E. This should nearly or entirely offset the 1099-C gain.
Hope that helps.
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