California House For Sale

I lost money on a short sale on my house. But the California Franchise Board has stated I owe them $30,000.?

I sold my home in 2006 under a short sale. I lost my down payment of course, and the bank lost on the short sale. The California has come back and put a lien on my credit profile for $30,000. Apparently the mortgage company 1099′nd me as income the difference of the mortgage balance and the resale short-sale price, with the Franchise Board wanting to collect a tax of $30,000. Can someone explain what happened and how can I fix it?

Since this is 2010, it might be too late to fix.

In California, your taxes are based on the cost basis of the property. If the cost you paid (not loan amount) is more than the short sale amount you would not be responsible for any taxes because their was no “gift” from the mortgage company (you lost money). In this scenario, you need to find a tax accountant to determine if you can amend your tax return.

If the short sale amount is more than the cost you paid, you would be responsible for the “gift” of the short sale and the related taxes. In this scenario, you need to pay your taxes due.

901 Airole Way, Bel Air, CA

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