Many people have asked me recently: How do I report my property when I’ve had a short sale or foreclosure? There’s no easy answer, even though there’s a lot of information out there, for sure. But even true professionals don’t know how to handle foreclosures in a tax-return situation correctly.
For example: I told a client to go to someone else this year, because they said that they had sought a second opinion and believed that I was wrong. I had gone to a seminar prior to this incident, along with one of my staff bookkeepers, and we heard this client’s exact example, almost verbatim, spelled out. And the answer? We were right, according to the expert teaching the course.
Read More