I am doing my first short sale of an investment property. Are they going to have to pay the IRS on the 1099c income - I found my State information but I can't find the Federal - the second is going to have the deficiency - please help and thank you.
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The last sentence from Harry should be a disclosure on the front of every short sale informational package and stamped on the forehead of every seller who want to sell short. the most important word of that sentence is "COMPETENT"