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If you enter into a Deed In Lieu of Foreclosure will you still be liable for the taxes on the difference between what it sells for and what you owe?
Wiki User
∙ 16y ago
No, I don't think so.
The tax your speaking of is on the taxable income caused by "cancellation of indebtedness" or COD for short. ( I believe I have explained how this comes about accounting wise, certainly as part of the 1099C or "write off" questions here).
In a deed in lieu, you aren't actually canceling the debt for less than it's worth, your really selling, (or giving) the property to the lien holder for the amount of the mortgage. Whether, or if or when they sell it is up to them. In a foreclosure, the sale you speak of is the way to force the giving up of the property.
Wiki User
∙ 16y ago
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