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1099a tax liability

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jwalkertwin1 Joined: 09 Mar 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Mar 09, 2010 2:53 pm    Post subject: 1099a tax liability Like 0 Dislike 0 Both my husband and I purchased a motorhome in 1997. He divorced me in 2007 and I was left with the motorhome only in my name and my ss number. I got sick and had to come and live with relatives so I had to let the motorhome go in 2009. My family helped me buy a condo in February of 2009 and I had to let the motorhome go back to finance co. They sent me a 1099a to file on my taxes. Do I have to declare that amount as income since I was unable to repay it? They state that it was worth $0.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Tue Mar 09, 2010 9:11 pm    Post subject: Like 0 Dislike 0 Hi jwalkertwin, If your property has been sold off and if the deficient balance has been forgiven by the lender, then you may be liable for taxes. But again, depending upon the Mortgage Debt Relief Act, you may not have to pay the taxes. I would suggest you to have a word with a tax expert in this regard. Thanks

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