Heaters For Sale

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Towns losing money to illegal scavengers of valuable recyclables
West Milford and Garfield report unwelcome competition from scavengers for bulk items left curbside for recycling as higher metal prices increase their scrap value
anyway to avoid taxes on rental short sale?

Is there any way at all to avoid paying taxes on a short sale on a rental property? I paid 125k for it, put 2 new furnaces & water heaters in, plus a few grand in other items, trying to do a short sale. I work with short sales, so I know all about them. I’m looking at the tax end of it….I’m getting an offer for 50k, and mtg balance is 133k or so, plus realtors comm, taxes, etc, I’d get a 1099 for like 90k. I need to know, is there a way to avoid paying taxes on it, or should I declare bankruptcy to wipe out the tax debt? Also, will BK wipe out IRS debt? Any asst would be great. FYI, 90k is about 3x what I make in a year.

you are in the short sale business so you know a lot more than i do about this, but i understand that a new law passed that resulted in taxpayers not having to pay taxes on the first $500,000 of a 1099 from a short sale.

I may be wrong, maybe it did not pass….but i sure do remember hearing that it became a reality.

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