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.
TaxConnections Members... Answer This Question
Want To be One of Our Tax Experts? Register Here
Tax Professional Answers
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
313 weeks ago