Will home foreclosure affect my tax return?
Quick House Sale
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June 11th, 2010 at 5:14 pm
The IRS has absolutely nothing to do with a foreclosure if it was foreclosed for nonpayment of the mortgage and not foreclosed by the IRS for nonpayment of taxes.
June 14th, 2010 at 12:13 pm
Consult the website source below and look for publications on the topics of home sales, as well as, bankruptcy. The fact that you did not file for bankruptcy quickly enough … may be reason that you lost your home. Some chapters of bankruptcy protection enable one to keep their domiciles (homes). Speak with an income tax specialist or a Certified Public Accountant that can answer your question regarding reporting the foreclosure of your home.
If you consulted an attorney regarding possible bankruptcy proceedings prior to the foreclosure, it is possible that you may have a Tort claim AGAINST him or her (attorney). The foreclosure should have been avoided unless it was a second home taken. Contact your state Board of Professional Responsibility if some impropriety was made that resulted in loss of your home.