a seller wants to sell his house for short sale. He lived the house over 3 years for last 5 years. He lives in another house now. He wants to sell the former House. If he sells his current primary residence for short sale, he can be waived for phamtom tax. However, If he sells the second house, is there any way that phamtom tax can be waived?
I’m not sure I follow this scenario. However, that being said, I think owning two homes does not translate into financial insolvency thus the debt relief you seek under the Bush Debt Relief act may not apply.