Tax implication of a short sale of an invertment property
Venice, FL |
I purchased an investment house 3 years ago for $375K. I have rented it at a loss each year. It is now worth about $50K less than I owe the bank. If I sell it as a short sale I will get a 1099 next year for about $50K from the bank. When I do my taxes will the my $75K loss off set the 1099?