Even if you received no money from a foreclosure sale, you may have to pay capital-gains taxes on the phantom income. And that's not all.
If you thought a foreclosure ended the financial miseries associated with your former home, think again. You soon could be hearing from the IRS about taxes due in connection with the residence you no longer own.
Full article; http://realestate.msn.com/article.aspx?cp-documentid=13108456
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