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Short Sale – the definition of principal residence?
I was wondering, what is considered residence. How long have to live in property before you can use new tax exemption law. short sale specialists say just move in their direction and chance, there is no limit minimum time. Others tell me two years. I've only owned the property for a year however. I bought the property and reduced by 50% in value! Do I have to pay that even if I file a form 982 of insolvency. I'm not saying that even though bankruptcy.
If you pass the test of insolvency does not have to pay taxes on property. You represent that you owned the property, but will not indicate if you live in the property … if not living there, then there is your primary residance. But however, if insolvency is passed does not have to pay taxes on the amount short.
Short Sale Specialist Network – Sellers
