Foreclosure Vs Tax Deed
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FAQ
Can I claim a loss on my tax return? No. Losses from the sale or foreclosure of personal property are not deductible.
If the IRS tax lien is junior to the mortgage being foreclosed, the IRS tax lien will be foreclosed through the judicial sale and the lien on the property will be extinguished after the judicial deed is issued.
If delinquent property taxes go unpaid, a lien attaches to the property and continues from the time the taxes become delinquent until the taxes are paid, up to 11 years from the date the taxes become delinquent.
In New York, the tax foreclosure procedure is similar to the mortgage foreclosure process. A petition (lawsuit) is filed in court. If you don't respond to the lawsuit by filing an answer that lists your objections to the case, the court will enter a default judgment against the property.
If you engage in a short sale or your mortgage lender forecloses on your home, the Internal Revenue Service treats it just like a sale. Foreclosures and short sales may also require you to recognize ordinary income if the lender cancels any of your outstanding mortgage balance and you're ineligible for an exclusion.