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My mortgage was forgiven by my grandparents when they died, as it was written in the agreement. Do I pay taxes on the amount they forgave when I sell my house? This house was used as a rental property and not a primary residence.

Inheritance Mortgage Capital Gains Tax
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John Stancil
The mortgage forgiveness was not a cancellation of debt but is considered an inheritance from your grandparents. Therefore, it is ot taxable income.
Leave a Comment 25 weeks ago

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