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Hello All,
My Story:
Bought a property as primary residence in 2005 for $260K (Las Vegas). Refinanced in 2006 with HELOC for $333K. Recourse Loan.
Relocated for work later in 2006.
Rented subject property while trying to sell. Unable to sell.
Value declined dramatically over 2 year period. Reported as rental property on my tax returns.
Approved for short sale, transaction closed in late 2008. Lender took 109K hit, I signed promissory note for 15K. Of lender's 109K hit, 73K is non purchase money.
As I prepare my tax documents for my CPA, I'd like to get an idea of how much I will owe. My CPA thinks it might not be as bad as I think because it was a rental property. Given that it was a HELOC with cash out, does anyone have specific insight on what I should expect?
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What did you end up paying tax on?
