Posted: 4/30/2010 2:58:33 PM EDT
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Well I would not dismiss the 'moral dilemma' quite so quickly. You only as good as your word.
Also, the tax bill will cause you a bit of heart burn. The 1099 you get for whatever the bank sells it for as a loss goes to you. So, lets say you make 100,000 a year and set aside witholding for same. Then you get a 1099 for 150,000 to 200,000 as additional income. Now you have taxable income of $250,000 to $300,000. You owe 'Uncle Sam the Kind' a crap load of cash. Run it through your TurboTax. What goes up goes down. What goes down goes up. Just hang in there. |