The taxes for selling rental property in IL can be incredibly confusing for plenty of reasons, but don’t worry – I’m here to help you out.

Have you found yourself in a financial bind and need to sell a house to avoid foreclosure? Maybe you’ve even asked yourself, Can I sell my house to avoid foreclosure?

The first thing you are going to want to become familiar with is the tax implications when selling rental property. This is going to involve capital gains or capital losses.

Just the term, foreclosure brings up feelings of fear and dread. No one wants to lose their house. You may have already heard the term, or you may fear hearing it soon as you’ve fallen behind on mortgage payments.