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Insolvent client sold their rental property under a short sale. The gain is $143K. Can an insolvency exclude the gain on the sale?

dan0616
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abctax55
Level 15

Yes.

The insolvency is determined prior to the short sale.

Search for DavidFogelCPA - his website has many, many helpful articles on the subject. 

HumanKind... Be Both

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abctax55
Level 15

Yes.

The insolvency is determined prior to the short sale.

Search for DavidFogelCPA - his website has many, many helpful articles on the subject. 

HumanKind... Be Both
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abctax55
Level 15

https://fogelcpa.com/tax-articles

HumanKind... Be Both
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