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

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

    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???

  • #2
    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

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