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Would tax impact change if property owned rental property

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Lastly, own personal residence property with a fair market value less than the amount of the outstanding mortgage on the property and also less than the original cost basis. was able in 2019 to convince the mortgage holder to reduce the principal amount on the mortgage. Debt is recourse.

Problem 1: Would tax impact change if the property owned was a rental property?

Reference no: EM132661071

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