We filed for chapter 13, and we included our timeshare on it. How would we know id there is any potential tax consequences associated with deed in lieu of foreclosure? Our lawyer send us a letter of warranty deed.
Can you please help us and tell us where to find the answer to our concern.

Thanks,
Mrs. Llamera

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Originally Posted by Couples4Christ

We filed for chapter 13, and we included our timeshare on it. How would we know id there is any potential tax consequences associated withe deed in lieu of foreclosure? Our lawyer send us a letter of warranty deed.
Can you please help us and tell us where to find the answer to our concern.

Thanks,
Mrs. Llamera

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Your Attorney is the person most familiar with your circumstances and your bankruptcy and he/she is the person who has the best, most accurate answer to this question. He/she should also research this as part of the filing.

If the attorney has no clue about the tax aspects of your case (something NOT too unusual, unfortunately), schedule an interview with either a CPA or an enrolled agent.

This is NOT a question to be answered on a tax forum, as it is a bit too complex and contains variables that cannot be considered without reviewing your entire financial circumstance.

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Originally Posted by AtlantaTaxExpert

If the attorney has no clue about the tax aspects of your case (something NOT too unusual, unfortunately), schedule an interview with either a CPA or an enrolled agent.

This is NOT a question to be answered on a tax forum, as it is a bit to complex and contains variables that cannot be considered without reviewing your entire financial circumstance.

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This must vary by State or area within the State - I am not aware of a single bankruptcy Attorney in my area who does not have a CPA on staff because of the various complexities of the Law and the current financial problems. People never understand why the fees are what they are but basically it's a two headed procedure.