If I want to short sell my property, do I have to report the sale on my taxes?

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If I want to short sell my property, do I have to report the sale on my taxes?

Asked on December 28, 2011 under Real Estate Law, Oregon

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You may be able to claim a loss on your taxes and take some tax advantage; this is something you should discuss with a tax preparer. Leaving that aside, you have to report *income* on your taxes; if you sell at a loss and do not realize any gain, you are not receiving income and would neither have to report it nor pay taxes on it.


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