Income Taxes on the Abandonment, Foreclosure or Repossession of Property

Income Taxes on the Abandonment, Foreclosure or Repossession of Property Dispositions of property include sales and exchanges, but also include abandonment, foreclosures and repossessions. For U.S. federal income tax purposes, you can have a gain or loss on these types of dispositions. When you abandon property, you voluntarily and permanently give up possession with the …

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