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My father has been claiming me as a dependent on his taxes, I am 45; they told me that if he does a short sale on his house, he has topay me?
15 Answers
- 6 years ago
This is an example of short sale: Mr. Jon buy the house in 2005 for $350,000 in 2015 the value of the home worth $400,000 he owe $300,000 and he short sale for $250,000. He will loss $150,000 on the short sale.
If he can not pay the mortgage better to short sale than foreclose.
In your case if you are not working or your gross income less than $3950 and you live with him entire year and he support you, he should claim you as dependent to get the tax break so he can pay for the house don't need to do the short sale.
- troLv 76 years ago
who is telling you this nonsense, unless you are the owner of the property you have NO part in the sale much less a short sale
he very likely will barely get his mortgage cleared with a short sales he is not likely to make ANY money on it at all
whether he is able to claim you as a dependent has many requirements but there is no way you have any part of the sale of his house
- ?Lv 76 years ago
No, he does not have to pay you anything. There would be nothing to pay, a short sale is when the house sells for less than he owes. He makes no money to give to you anyway.
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- JakeLv 76 years ago
You would have to be permanently disabled for him to claim you, otherwise a 24 year old student is the oldest the irs rules allow one to claim.
I don't see why you would expect to get part of the short sale.