How will shortsale affect taxes?

I purely completed a short mart on my home. How will this affect me when import tax time comes around?

Answers:
Forgiveness of debt is taxable. Bush is pushing up to date legislation to revision this luckless state of events.

it wont. the taxes are on the meaning that the levy assessment bureau deem by doing appraisals from time to time.

If some of the loan amount ends up forgiven, next you might enjoy to pay packet income levy on the amount that's forgiven.