[IMGCAP(1)]The subprime mortgage crash of 2008 created a landslide of foreclosures and short sales which could persist for many years. A whole new industry in short sales has sprung up. All this has left taxpayers and their advisors scrambling for answers on the correct tax consequences.

It is vital that financial and tax advisors know the tax pitfalls in these transactions to best advise clients. In the worst case of adding insult to injury, property owners not only lose the real estate and all the money they have invested, but they also may have to pay income taxes.

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