In my ch 7, I am surrendering a rental prop. We lived there from 2002-2006 until the house we built was finished in Dec 2006. We rented it since that time and we are in the process of surrendering it , what tax consequences do we face for 2009? We have taken depreciation on it every year since 07.
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"Don't let your wants overload your a**"
(author unknown) -
You will probably want a CPA to review this. If the property is negative equity, then you won't have to worry about forgiven debt issues, but I suppose it's possible you could have capital gains if the original purchase price will be less than the foreclosure price (since it's no longer your primary residence).
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