TAXES (I will not sell to make a profit but rather sell to clear loan)

WELCOME! ASK a legal question; POST an issue. Our lawyers and others will respond within 24 hrs! 10 yrs online! One million served!

In some forum areas, you may have to register (sign up) before you can post. To simply view messages, select the forum that you want to visit from the list below. Over 80,000 legal issues have been answered so also consider using the search function. For help, please check out the HELP section of the forum and forum announcements.
Research/discuss 85,000 issues in the forum or privately ASK A LAWYER NOW, click ASK NOW. U.S. and 30 countries.

Unregistered
- Share
- Tweet
#1

TAXES (I will not sell to make a profit but rather sell to clear loan)

01-31-2007, 03:16 PM

Okay, this is a loooong story but to keep it simple here is the nutshell. I need to sell a home in California, I will not sell to make a profit but rather sell to clear loan and pay any current and back taxes, if I break even will I have to pay any tax on this? My thought on tax are this, you only pay taxes if you mkae any financial gain.. Am I wrong on this???
Tags: None

Quote
Unregistered
- Share
- Tweet
#2

02-01-2007, 08:33 AM

re: TAXES (I will not sell to make a profit but rather sell to clear loan)

Hi--we normally do not give/encourage tax advice on this site; you may check with the IRS directly; or your accountant; or the H & R Block web site for 20 dollars: HR Block Tax Advisor link --

http://www.hrblock.com/taxes/product...p?productId=44
Quote
Comment