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All Forum Posts by: Joel Songstad

Joel Songstad has started 1 posts and replied 1 times.

Creative Real Estate Financing

Post: Tax loss on foreclosed investment property

Joel SongstadPosted
  • Residential Real Estate Agent
  • Minneapolis, MN
  • Posts 1
  • Votes 0

Say a person let's his investment property go back to the bank in a completed foreclosure by publication. He paid $185,000 and owes $160,000 and the bank's loss after selling and holding cost expenses is $20,000. What would the investors exposure be to the IRS? The state is Minnesota.

0 Votes