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Would I have to pay the IRS taxes per a 1099 for the difference?

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tobin_bruce Joined: 27 Aug 2010 Posts: 1 1.00 Dollars($)	Posted: Fri Aug 27, 2010 7:54 pm    Post subject: Would I have to pay the IRS taxes per a 1099 for the differe Like 0 Dislike 0 I was planning on doing a Deed in Leiu of foreclosure in NV. My house has a market value of $110000 and amount owed is $260000.
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Fri Aug 27, 2010 8:40 pm    Post subject: Like 0 Dislike 0 Hi tobin_bruce, Welcome to mortgagefit If your lender forgives your debt after DIL then it will be considered as your income and you need to file 1099 to IRS. 1099 form is supposed to submitted to the IRS if you get an income from any source more than 600 $ for a financial year. just for further information on the subject topic you can also visit this link. http://www.mortgagefit.com/budgeting-finance/understand-1099a-1.html DIPA

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