A rental property owner wants to sell his property by way of a short sale. What are the tax ramifications of doing so, considering a receipt of a 1099 form and/or does the IRS insolvency rule apply…Continue
Broker, Principal broker of Lucas & Associates Realty located in N. Glendale, AZ, covering all of Maricopa County. With more than 30+ years in real estate I have listed and sold residential, income and commercial properties and, of course, in the past few years sold many "short sale" properties and foreclosures. I have a strong background in finance having simultaneously worked as a loan officer for many years. This I find helpful always when working with the lenders. I work diligently to help my clients with their real estate transactions with as little stress to them as possible. All my short sales transactions thus far have closed, while my hair is turning gray from it all! A positive and "can do" attitude gets me through it.
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